1994 (7) TMI 77

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....ANOHAR C. J.--This is an application under section 256(2) of the Income-tax Act, 1961. The assessment year concerned is 1974-75 for which the relevant accounting period ended on June 30, 1973. The assessee is an exporter of handloom textiles. The assessing authority completed the assessment making an addition of Rs. 59,430 to the returned income alleging inflation in the purchase cost. The Inspect....

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....nce No. 1 of 1979 (P. M. Kunhimuhammed an Bros. v. CIT [1985] 152 ITR 691 (Ker)), the reference must be answered in favour of the Revenue. The matter was accordingly sent back to the Tribunal for giving effect to the judgment of the High Court under section 260 of the Income-tax Act. However, by the time the matter came up before the Tribunal for passing an order under section 260(1) of the Income....

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....on 254 of the Income-tax Act. The relevant provisions of section 256(1) are as follows : "256. (1) The assessee or the Commissioner may, within sixty days of the date upon which he is served with notice of an order under section 254 .... require the Appellate Tribunal to refer to the High Court any question of law arising out of such order...." Section 256(2) provides as follows : "256. (....

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....vides as follows : "260. (1) The High Court or the Supreme Court upon hearing any such case shall decide the questions of law raised therein....a copy of the judgment shall be sent under the seal of the court and the signature of the Registrar to the Appellate Tribunal which shall pass such orders as are necessary to dispose of the case conformably to such judgment." (emphasis supplied). The....