RAJASTHAN TEXTILE INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS order will dispose of all these applications filed by the petitioner under Section 256(2) of the Income-tax Act, 1961 (hereinafter to be referred to as "the Act"), for directing the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, to refer the following question of law :

(2.) THE Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, has rejected the reference applications filed by the petitioner under Section 256(1) of the Act by a common order dated" August 23, 1988. THE dispute between the parties relates to the assessment years 1967-68 and 1971-72 to 1975-76.

(3.) SHRI Singhal, learned counsel for the Revenue, has argued that the Tribunal has considered the entire matter objectively and, after taking into consideration the material which was placed before it, the Tribunal had found as a matter of fact that Smt. Ratan Devi was a benamidar of the assessee. That finding of fact has not been disturbed even by the High Court. The earlier reference applications filed by the applicant in the matters arising out of the original assessment order were declined by the High Court. That being the position, the Income-tax Officer was fully justified in initiating proceedings against the petitioner for imposition of penalty by invoking the provisions of Section 271(1)(c) of the Act. SHRI Singhal argued that the Tribunal has given cogent reasons for declining to make a reference on the applications filed by the assessee under Section 256(1) of the Act and that there was no ground for interference by the High Court. He argued that no question of law calls for reference by the High Court.