1996 (7) TMI 8

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....der section 256(2) of the Income-tax Act, 1961 (for short "the Act"), seeking direction to the Tribunal to state the case and refer the proposed question, as noted below, for our opinion, arising out of the order dated May 8, 1993, passed by the Tribunal in I. T. Appeal No. 601/ IND of 1992 after rejection of the application presented under section 256(1) of the Act and registered as R. A. No. 97/....

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.... was Rs. 7,04,207 and unabsorbed depreciation was Rs. 17,74,568. The total thus came to Rs. 24,78,775. The Assessing Officer allowed deduction of unabsorbed business loss from the profits to arrive at book profits. By an application under section 154, the assessee requested the Assessing Officer to allow deduction of unabsorbed depreciation from profits while calculating book profits under section....

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....e Act on the ground stated in para 7 of the application. We have heard D. D. Vyas, learned counsel for the applicant/Department, and G. M. Chaphekar, learned senior counsel, with S. S. Samvatsar, for the non-applicant/assessee. Counsel for the applicant submitted that the aforesaid question is one of law and merits to be referred. On the other hand, counsel for the non-applicant submitted th....

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....(SC) and CIT v. Jaipuria China Clay Mines (p.) Ltd [1966] 59 ITR 555 (SC) and concluded in favour of the assessee. The Tribunal declined to state the case and refer the question, as pro posed, in the undernoted terms : "This above finding, in our opinion is a finding of fact based of appreciation of the facts available on record. This finding, in our opinion does not give rise to a question ....