2010 (7) TMI 730

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....ibunal, Chandigarh Bench (in short "the Tribunal") has referred the following question of law on a direction issued by this court in I. T. C. No. 146 of 1994 vide order dated May 12, 1995, for opinion of this court under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for the assessment year 1989-90 :   "Whether, on the facts and in the circumstances of th....

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.... the Act could not be invoked as the sale price declared by the assessee was as per the market value. The Tribunal upheld the said finding in the following terms :   "In the present case, the Assessing Officer has clearly mentioned in the body of the assessment order that the cost of the raw material and consumable stores purchased by SMS-I was transferred and debited to the profits and lo....

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....stant case and hence the proviso to section 80-I(8) can also not be invoked. It is significant to note that the learned Commissioner of Income-tax (Appeals) has also held though impliedly that the provisions of section 80-I(8) are not applicable to the facts of the instant case. That finding has also not been challenged by the Revenue. We, therefore, hold that the entire exercise of re-allocation ....