MATHEW K L Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE petitioner is an assessee to income-tax. This petition is filed under section 256(2) of the Income-tax Act, 1961. THE petitioner prays that the following three question of law, formulated in paragraph 20 of the original petition, may be directed to be referred to this court by the Income-tax Appellate Tribunal :

(2.) WE heard counsel for the petitioner, Mr. N. Venkatarama Iyer. WE find from the paper book that the question of law set out by the petitioner/assessee in the application filed under section 256(1) of the Income-tax Act, 1961, is as follows :

(3.) THE short facts necessary to understand as to whether the question set out in the petition filed under section 256(1) of the Act arises out of the order of the Appellate Tribunal and whether there is any referable question at all can be considered now. We are concerned with the assessment year 1974-75. THE accounting period ended on March 31, 1974. THE assessee is a cashew dealer. He was carrying on the business of processing of raw cashew nuts and sale and export of cashew kernels. He sold the factory and machinery by a document dated September 7, 1973. That date fell within the accounting period relevant to the assessment year 1974-75. In the return filed for the assessment year 1974-75, the assessee did not claim any loss. THE original assessment was concluded on April 28, 1980. In the appeal, the assessee put forward a plea that he suffered great loss when the factory and machinery were sold on September 7, 1973. THE Appellate Assistant Commissioner, by his order dated March 30, 1983, ordered a remit. A fresh assessment was made by the Income-tax Officer on December 12, 1984, when the appeal filed against the order of the Appellate Assistant Commissioner was pending before the Appellate Tribunal. THE Tribunal finally dismissed the appeal on June 27, 1989.