1987 (11) TMI 15

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....four questions are referred by the Income-tax Appellate Tribunal for the consideration of this court under section 256(1) of the Income-tax Act, 1961 : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in holding that the value of the stock written off by the assessee was an allowable deduction ? (2) If the answer to the question No. (....

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.... 1975-76. The respondent assessee is not represented. Learned standing counsel for the Revenue has drawn our attention to each one of the questions and pointed out that the questions are covered by earlier decisions. We have considered the decisions brought to our notice by learned standing counsel and were satisfied that the questions are fully covered one way or the other as we shall presently i....