https://www.taxtmi.com/caselaws?id=185018 The Court dismissed the application under section 256(2) of the Income-tax Act, 1961, as no legal questions arose from the Tribunal's order related to the assessment year 1986-87. The Tribunal's decision to tax the gross profit on unexplained sales instead of the entire unexplained sales was upheld, with no justification found for applying a higher gross profit rate on suppressed sales. The Court emphasized that factual determinations based on evidence appreciation do not warrant referral of questions of law, leading to the rejection of the application without costs. en-us Fri, 16 Mar 2001 00:00:00 +0530 Thu, 28 Jul 2016 10:27:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185018 The Court dismissed the application under section 256(2) of the Income-tax Act, 1961, as no legal questions arose from the Tribunal's order related to the assessment year 1986-87. The Tribunal's decision to tax the gross profit on unexplained sales instead of the entire unexplained sales was upheld, with no justification found for applying a higher gross profit rate on suppressed sales. The Court emphasized that factual determinations based on evidence appreciation do not warrant referral of questions of law, leading to the rejection of the application without costs. Case-Laws Income Tax Fri, 16 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185018