2001 (11) TMI 10

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....is a reference application at the instance of the Commissioner of Income-tax, Jodhpur, under section 256(2) of the Income-tax Act, 1961, with respect to the assessment year 1986-87 seeking reference of the following questions, arising from the judgment of the Tribunal: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in taking....

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....nt of Rs. 22,500 being net profit from sale of scrap. The contention was raised before the appellate authority that the assessment in question had become barred by limitation and the directions issued under section 144 of the Act was also against the provision of law. The appellate authority discussed the contention at length and rejected the same. The appellate authority also reduced from Rs. 2,3....