HANDICRAFTS INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE present application under Section 256(2) of the Income-tax Act, 1961, seeks calling of the following questions for the opinion of this court ;

(2.) WHETHER the Income-tax Appellate Tribunal was correct in law in not allowing the loss of damaged goods from the profit estimated on flat rate basis in view of the decision of the Allahabad High Court in the case of Saraya Engineering Works v. CIT [1987] 168 ITR 455, where the facts were quite different as against in the matter of the appellant where such losses have been allowed by the Revenue in the assessment year 1981-84 (sic) as pointed out by the appellant ?