1994 (10) TMI 21

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....se and the questions referred to us by the Income-tax Appellate Tribunal, Madras "A" Bench, in R. A. No. 503/(Mds) of 1979 as the first question, "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the work-in-progress of the value of Rs. 1,24,352 should be included in the computation of capital for the purpose of granting relief under sect....

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....?" The second question, however, is one which cannot be investigated as necessary facts in this behalf are not available. The Revenue raised the above contention for the first time before the Appellate Tribunal and the Tribunal disallowed the ground in these words : "We cannot allow this ground to be raised. The Income-tax Officer in his rectification order or assessment order for 1971-72 has not....