1972 (2) TMI 32

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....ection 256(1) of the Income-tax Act, 1961, which will hereafter be referred to as "the Act" has been filed on behalf of the Commissioner of Income-tax, Delhi. The application is directed against the order of the Tribunal refusing to refer to this court the following question of law which the applicant claims arises out of the order of the Tribunal for the assessment year 1965-66: "Whether, on t....

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....ive over the assets and liabilities of the business carried on by the firm to a new partnership firm with effect from August 26, 1964. On September 25, 1964, a fresh deed of partnership was also executed by the 6 partners and in the preamble it was recited that the new firm constituted thereunder would take over all the assets and liabilities, etc., of the dissolved firm with effect from August 26....

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....d Rs. 2,94,425, but in the assessment order as well as the orders made by the Appellate Assistant Commissioner and the Tribunal the actual figure shown is Rs. 2,94,425 whereas the assessment order itself mentioned that the income returned was shown at Rs. 2,94,273. We shall, however, take the figure of Rs. 2,94,425 as the finally accepted figure by the income-tax authorities. The assessee-firm ....

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....ssioner of Income-tax made an application under section 256(1) of the Act requesting the Tribunal to state the case to this court and refer the question of law mentioned earlier. The Tribunal however rejected the application by its order dated September 20, 1969, holding that the conclusion reached by the Tribunal was based on evidence placed before it, particularly the fact that the Income-tax Of....