1966 (5) TMI 8

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.... accruing on the sale of two patlas of gold. Against the assessment order the petitioner preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner held that the gold had been treated by the petitioner as stock-in-trade and consequently the profits accruing from the sale of the gold must be regarded as revenue income liable to tax. In this connection he r....

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....al jurisdiction. But in my opinion, there is no substance in the grievance of the petitioner that he was not heard, by the Commissioner. It was the petitioner who filed the revision application, and it was open to him to file along with the revision application all the material upon which he relied. It may have been open to him to file further material before the Commissioner at any stage before t....

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....y of criticising that order in the revision application filed by him. There was no new material before the Commissioner adverse to the case set up by the petitioner upon which reliance was placed by the Commissioner. The petitioner says that the circumstance that the order of the Income-tax Appellate Tribunal was the subject of a reference application in this court and that this court had on that ....

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....ner should have held that the taxable income must be determined by reference to the market value of the gold patlas on the date of the partial partition of the Hindu undivided family and it is said that this aspect of the case has been disregarded. Consequently, the petitioner urges, the order suffers from manifest illegality. There is nothing to show that this contention was specifically raised b....