1989 (1) TMI 84

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....filed by the Revenue under section., 256(2) of the Income-tax Act, 1961, to direct the Income-tax Appellate Tribunal to refer certain questions of law arising out of its order dated April 19, 1985. The respondent herein is an assessee to income-tax. The matter relates to the assessment year 1976-77. The assessee is a firm doing business in the export of prawns and other sea foods. It declared the ....

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....nsel for the assessee-respondent, Mr. Chacko. It is common ground that there is discrepancy in the value of stock disclosed to the, bank and to the Department. The sole question is whether the Income-tax Officer was justified in working out the difference and in effecting the addition. The plea of the assessee was that it was compelled to give inflated stock statements to the banks for the last so....

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....ssessee had declared the value of stock as on December 19, 1975 at Rs. 37,74,953 in a statement furnished to the 'bank', the Tribunal is right in relying on the profit and loss account wherein the assessee had declared the closing stock value at Rs. 3,22,061 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that 'there is no need to interfere with....