1989 (4) TMI 13

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....d by MRS. LEILA SETH J. -The Commissioner of Income-tax has moved this application under section 256(2) of the Income-tax Act, 1961, for the issue of a direction to the Income-tax Appellate Tribunal to state a case and to refer the following two questions of law for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in co....

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....owance observing that the very aspects raised by the Income-tax Officer as also the production of voluminous correspondence had been discussed by his predecessor and the Income-tax Appellate Tribunal who had deleted the disallowance for the earlier years. On appeal by the Revenue, the Income-tax Appellate Tribunal, in its order dated June 24, 1986, noticed that the Commissioner of Income-tax (A....

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....in Income-tax Case No. 96 of 1985 for the assessment year 1976-77, we have held that the conclusions arrived at by the Tribunal upholding the findings of the Commissioner of Income-tax (Appeals) are clearly findings of fact based on correspondence and material on record, and have consequently rejected the application under section 256(2) of the Act. In Income-tax Case No. 97 of 1985, we dealt w....

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....closing stock "at cost or market rate, whichever is lower". The assessee appealed to the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals), after hearing the matter at length, came to the conclusion that there was nothing wrong "in rationalising an irrational and incoherent system where different units were following different methods". No mala fides could possibly ....