GURU NANAK STORES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act").

(2.) THE material facts giving rise to this application, briefly, are as follows : During the course of the assessment of the assessee for the assessment year 1972-73, the Income-tax Officer rejected the contention urged on behalf of the assessee that interest amounting to Rs. 68,641 should not be included in the total income of the assessee. THE finding of the Income-tax Officer in this behalf was reversed by the Appellate Assistant Commissioner, but, on further appeal before the Tribunal by the Revenue, the Tribunal allowed that appeal and held that the Income-tax Officer was justified in including the said amount in the total income of the assessee. Aggrieved by the order passed by the Tribunal, the assessee sought reference, but as the application filed by the assessee in that behalf was rejected, the assessee has filed this application.