1988 (9) TMI 37

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.... was delivered by G. G. SOHANI, ACTG. C. J.-This 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 application, briefly, are as follows During the assessment proceedings for the assessment year 1975-76, the accounting year for which ended on December 31, 1974, the assessee contended that its busin....

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....xpenditure. On appeal, the finding given by the Inspecting Assistant Commissioner (Assessment) was affirmed by the Commissioner of Income-tax (Appeals). The assessee, therefore, preferred a further appeal before the Tribunal. The Tribunal found, after appreciating the entire material on record, that neither actual production had started before December 14, 1974, nor had raw material been purchased....