https://www.taxtmi.com/caselaws?id=12549 The High Court rejected an application under section 256 seeking reference of legal questions arising from the Tribunal's order on an Income-tax Reference Application. The initial assessment applied a net profit rate with deductions for depreciation, interest, and partner remuneration. The Commissioner revised the assessment under section 263, excluding these deductions, which was appealed and allowed by the Tribunal. The Revenue's appeal for reference was rejected, and a subsequent application before the High Court was also dismissed. The High Court ruled that the assessment period had become final and could not be reopened, as the differing methods of computing taxable profit did not present legal questions. en-us Wed, 15 Mar 2000 00:00:00 +0530 Wed, 20 May 2009 10:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12549 The High Court rejected an application under section 256 seeking reference of legal questions arising from the Tribunal's order on an Income-tax Reference Application. The initial assessment applied a net profit rate with deductions for depreciation, interest, and partner remuneration. The Commissioner revised the assessment under section 263, excluding these deductions, which was appealed and allowed by the Tribunal. The Revenue's appeal for reference was rejected, and a subsequent application before the High Court was also dismissed. The High Court ruled that the assessment period had become final and could not be reopened, as the differing methods of computing taxable profit did not present legal questions. Case-Laws Income Tax Wed, 15 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12549