IRITTY TRADING CO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD.

(2.) THESE two income-tax references are interlinked and are disposed of by this common judgment. Pursuant to the directions given by this court in two original petitions filed by the assessee and the Revenue (O. P. Nos. 17247 of 1993 and 2486 of 1994), the following questions have been referred for opinion of this court under Section 256(2) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Cochin Bench (in short "the Tribunal") :

(3.) IN appeal the Commissioner of INcome-tax (Appeals) (in short "the CIT (A)"), confirmed the addition. IN second appeal, the Tribunal held that considering the method of accounting consistently followed and taking into account the factual position, 50 per cent, of the sales was to be considered for the concerned assessment year. Accordingly, direction was given to take into account the correct figure.