Tribunal upholds decision on reference request for assessment years 1975-76 and 1976-77

The Tribunal's decision to decline making a reference under section 256(2) of the Income-tax Act for the assessment years 1975-76 and 1976-77 was upheld, leading to the dismissal of the applicant's request for a reference of questions of law regarding the Assessing Officer's additions to income due to undervaluation of closing stock.

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The applicant filed for a reference of questions of law under section 256(2) of the Income-tax Act for the assessment years 1975-76 and 1976-77. The Assessing Officer made additions to the income on account of undervaluation of closing stock. The Commissioner set aside the order and directed further assessment. The Tribunal declined to make a reference, stating that no question of law arose. The application was dismissed.

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