2001 (11) TMI 10 - HC - Income Tax

High Court directs Tribunal to refer assessment year 1986-87 questions back after error in rejecting Revenue's application under section 256(1).

The High Court of Rajasthan directed the Income-tax Appellate Tribunal to refer questions related to the assessment year 1986-87 back to the court, as the ... Whether, Tribunal was legally correct in taking the view that the assessment for the year under consideration was barred by limitation despite the material on record contrary to the claim of the assessee in the matter and further this issue did not arise out of the appeal filed by the Revenue? - Whether, Tribunal that the assessee's book results acceptable was not inconsistent and contrary to the material on record against the assessee's claim in the matter and hence unreasonable and perverse in law?' - Tribunal has committed error in rejecting the application of the Revenue under section 256(1) in refusing to refer both the questions for the opinion of this court. The High Court of Rajasthan directed the Income-tax Appellate Tribunal to refer questions related to the assessment year 1986-87 back to the court, as the Tribunal erred in rejecting the Revenue's application under section 256(1). The Tribunal's decision on limitation and acceptance of the assessee's book results were questioned. The court allowed the application for reference.