1987 (9) TMI 19

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..... OJHA C.J.-The Income-tax Appellate Tribunal, Nagpur Bench, Nagpur, has referred the following question to this court for opinion under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "). " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in maintaining the addition of Rs. 27,006 of Krishi Upaj Mandi ta....

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....cting a sum of Rs. 165 being the licence fee. It is in this background that this question arose as to whether the sum of Rs. 27,006 could be added during the year in question. Relying on the decision of the Supreme Court in Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363, it was urged by learned counsel for the assessee-applicant that the Tribunal has committed an error of law in upholdin....

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....ot seem to have been specifically challenged before the Income-tax Appellate Tribunal by asserting that the computation sheet furnished in the return of income did not indicate that the assessee was following a mixed system of accounting. On the facts and circumstances of the instant case, therefore, we have to proceed on the basis that the assessee was not following the mercantile system of accou....