1986 (6) TMI 22

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....Case No. 559 of 1981, since both the cases involve the same points. Both these cases arise out of applications made under section 256(2) of the Income-tax Act, 1961, for a direction to the Income-tax Tribunal to state the case and refer for decision by this court the question of law said to arise out of the Tribunal's order. Having heard both sides, we are satisfied that no such direction is requ....

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....nal for making a reference to this court to decide the questions of law said to arise out of the Tribunal's order. That application has been rejected by the Tribunal. Hence, this application under section 256(2) of the Act by the Commissioner of Income-tax. The fact that provision has been made in the accounts of the assessee maintained according to the mercantile system, to provide for the liabi....