NISAR BROTHERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS application under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act", has been filed by the petitioner, Messrs Nisar Brothers, Amer Road, Jaipur (hereinafter referred to as "the assessee"). During the course of arguments, learned counsel for the assessee pressed the following four questions :

(2.) SO far as the first question is concerned, the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, in its order dated January 10, 1984, held that the issue whether tal in sapphire or ruby had any value or not had come up before the Tribunal in a number of cases. The Tribunal held that tal had value and, therefore, the same should have been reflected either in the sales or in closing stock. The Tribunal was thus of the opinion that the value of the tal in the two account books of the assessee had not been shown either as sales or in the closing stock. On that account, the Tribunal found that the assessee had suppressed the profits on account of the value of the tal in the account books and in view of the above defects, the proviso to Section 145(1) was applicable.

(3.) IN view of these circumstances, no question of law arises out of the order of the Tribunal so as to give any direction for stating the case or referring any question of law for the opinion of this court. IN the result, this application is dismissed with no order as to costs.