TODI PAHARMAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE aforesaid two matters arise out of the order of the Income-tax Appellate Tribunal, Jaipur Bench, dated September 30, 1975, passed on the application for making a reference to this court for answering the questions of law submitted by the assessee arising out of the order of the Tribunal in I. T. A. No. 759 of 1972-73 in respect of the assessment year 1967-68. THE assessee moved the Tribunal for making a reference on the following questions of law for the opinion of this court:

(2.) WHETHER, on the facts and circumstances of the case and the material on record, the method of computation of profits done by the Tribunal in cotton account No. II is legally justified when another reasonable and scientific method of allocation of accepted profits in the ratio of sales was available.

(3.) WHETHER the Income-tax Officer is correct, after having accepted diwali year in respect of cotton business for the assessment year 1968-69, not to have accepted diwali year for the same business for the assessment year 1967-68.