COMMISSIONER OF INCOME TAX Vs. NAKODA METALS

JUDGEMENT

(1.) HEARD learned Counsel for the parties.

(2.) THIS is an application under Section 256(2) of the IT Act, 1961 seeking that the order passed by the Tribunal, Jaipur Bench, Jaipur, on 20th May, 1998 in RA No. 56/Jp/1990 refusing to state the case and refer the following questions to this Court for its opinion by holding that these are not the questions of law, which arise out of its appellate order dt. 20th Jan., 1998, is erroneous:

(3.) OTHER facts which are relevant for the present purposes and about which there is no dispute, are that the assessee acquired machinery in question on 29th Sept., 1987 and he has purchased raw material from M/s Indian Rare Arts Ltd. through invoice No. 605 dt. 15th Oct., 1987, for which the order was placed on 29th Sept., 1987, that is on the same date machines were acquired. The assessee has also shown the sale proceeds of his production at Rs. 1,62,200 vide invoice dt. 22nd Dec, 1987 issued to M/s Suppliers India, Jodhpur.