ANJANI ALANKAR MANDIR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under Section 256(2) of the Income-tax Act, 1961, by the assessee dealing in bullion, silver, silver ornaments, etc., praying that the Appellate Tribunal be directed to draw up a statement of case on as many as seven questions proposed in the said application and refer the same for the opinion of this court.

(2.) WE have heard learned counsel for the parties at some length and are of the opinion that no question of law arises from the Tribunal's order. The question for consideration before the Tribunal was as to what was the value of the 23 parcels which were not recorded in the books of the assessee. The assessee received as many as 34 parcels from South India but recorded only 11 parcels in the account books. The weight of each of the parcels recorded in the books was mentioned and the purchase price was also recorded in the books. The weight and the purchase price having been known, the value of the unrecorded parcels was determined. The contention of the assessee that the insured value should have been taken into account was rejected by the Tribunal on the ground that, on the facts and circumstances of the case, the insured value was understated. The question as to what should be the value of the unrecorded parcels is a question of facf and from the findings on this question, no question of law arises.

(3.) IN the result, we are not inclined to ask the Tribunal to state the case on any of the questions.