INCOME TAX OFFICER Vs. VIJAYA AUTOMOBILES

JUDGEMENT

(1.) HEARD learned counsel for the Revenue and Mr. Sreedharan for the assessee.

(2.) THESE applications have been filed under Section 260A of the Income-tax Act, 1961 (in short "the Act"). The challenge is to the correctness of the order passed by the Income-tax Appellate Tribunal, Cochin Bench (in short "the Tribunal"). The dispute relates to the assessment years 1987-88 and 1988-89. The Revenue has prayed for adjudication of following questions :

(3.) LEARNED counsel for the Revenue submitted that the dispute raised by the Revenue was different from that raised by the assessee. The reduction in the estimated turnovers was accepted by the assessee, whereas it was one of the grounds of challenge in the Revenue's appeals. Accordingly, the Tribunal was not justified in holding that after dismissal of the assessee's appeals, nothing survived in the Revenue's appeals. It is strenuously urged that the turnover fixed by the first appellate authority had no nexus with the actual turnover effected. LEARNED counsel for the assessee, on the other hand, submitted that the Commissioner of Income-tax (Appeals) had elaborately dealt with the factual position and had come to a conclusion that the turnovers fixed by the Assessing Officer were on the high side.