COMMISSIONER OF INCOME TAX Vs. LAXMI SALES

JUDGEMENT

(1.) HEARD learned counsel for the parties.

(2.) THIS is an application under Section 256(2) for requiring the Tribunal to state the case and refer the question of law arising out of its order in ITA No. 318/JP of 1992 for the assessment year 1986-87.

(3.) THE Tribunal vide its order dated April 23, 1998, in Reference Application No. 31/JP of 1998 has refused to make a reference on the ground that the finding recorded by the Tribunal is based on appreciation of material available on record which does not give rise to any question of law and following its decision in other matters, rejected the application.