1988 (12) TMI 90

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....ication 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 beedis. While framing the assessment for the assessment year 1976-77, the Income-tax Officer disallowed the claim made by the assessee for deduction of a sum of R....

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....d 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. 61,642 was an ascertained liability under section 26 of the Beedi and Cigar Workers (Conditions....