1989 (9) TMI 74

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....his is an application under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as the "Act"). The material facts giving rise to this reference briefly are as follows The assessee carries on the business of manufacture and sale of bidis. While framing the assessment for the assessment year 1976-77, the Income-tax Officer disallowed the claim made by the assessee for deduction of....

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....ing heard learned counsel for the parties, we have come to the conclusion that the following question of law does arise out of the order passed by the Tribunal : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the liability of the assessee for the amount of Rs. 2,03,722 was an ascertained liability under section 26 of the Bidi and Cigar Wo....