COMMISSIONER OF INCOME TAX Vs. MODI RUBBER LIMITED

JUDGEMENT

(1.) BY this petition under S. 256(2) of the INCOME TAX ACT, 1961 ('the Act'), the Revenue seeks a direction to the Tribunal to state the case and refer the following questions, said to be arising out of IT Appeal No. 4802/Del/1992, for the opinion of this Court :

(2.) THE petition pertains to the asst year 1987 -88 for which the relevant accounting period ended on 30th April, 1986. At the outset, it is pointed out by the learned counsel for the assessee that reference on a similar question in respect of the asst. yrs. 1985 -86 has been declined by this Court by order dt. 5th March, 1998 in ITC No. 52 of 1995 and this order has been accepted by the Revenue. Following the said order, we decline to call for reference on the first question.