2000 (8) TMI 57

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....On being moved by the Revenue under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), the following question, pertaining to the assessment year 1974-75, has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench-B, New Delhi (for short "the Tribunal") : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was ....

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....lated to the period April 1, 1972, to December 31, 1972, and since the accounts were closed on June 30, 1972, this amount was payable by the assessee as the assets and liabilities of the proprietorship concern were taken over. The Appellate Assistant Commissioner of Income-tax (in short "the AAC"), found that the liability related to the period from April 1, 1972, to December 31, 1972, while the c....