1976 (3) TMI 27

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.... Act, 1961 (hereinafter referred to as " the Act "), by order dated 10th September, 1975, this court directed the Appellate Tribunal, Cuttack Bench, to state a case and refer the following question for opinion of this court : " Whether, on the facts and circumstances of the case, the Appellate Tribunal without meeting the objections indicated in the orders of the Income-tax Officer and of the A....

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....s had not undergone the scrutiny of audit ; (ii) correlation between consumption of raw materials and production was not possible in the absence of a manufacturing account and, therefore, the book profit could not be accepted ; (iii) conversion of finished goods into weight had not been recorded and made available for verification ; (iv) enquiries have been made under section 133 of the A....

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....enuously contends that a careful examination of the appellate order of the Tribunal does not show that the defects, indicated by the Income-tax Officer leading to rejection of the accounts were indeed examined appropriately. He further submits that except that reasons had been advanced to meet the contentions of the Income-tax Officer, there is no indication in the appellate order that the learned....

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....eject the accounts were catalogued appropriately for the first time by the Tribunal which certainly would mean that the Tribunal was alive to the defects noticed by the Income-tax Officer and a review of the decision shows that all the points have been met. Having read the appellate order closely we are of the view that the grievance made by the learned standing counsel is well justified. As in....