COMMISSIONER OF INCOME TAX Vs. DIZA ELECTRICALS

JUDGEMENT

(1.) UNDER Section 256(2) of the Income-tax Act, 1961, the Revenue prays for a reference of the following six questions :

(2.) WHETHER, on the facts and in the circumstances of the case and in the absence of a decision being rendered by the Commissioner of Income-tax (Appeals) in view of the chartered accountant of the assessee--not pressing 'the point on principle' before the Commissioner of Income-tax (Appeals) ?

(3.) WHETHER, on the facts and in the circumstances of the case and having found that Section 45(4) would apply--though not correct--the Tribunal is right at all in rejecting the Revenue's prayer for direction, finding, that there is nothing on record to show that the market value of the assets are higher than the book value and is not the above finding and refusal to give direction as prayed for wrong since the very same finding that the market value of closing stock was more than the book value which was in the file and assessable under Section 45(4) should have been the basis for the Tribunal to issue a direction to that effect ?