COMMISSIONER OF INCOME TAX Vs. JETHMAL BOOB

JUDGEMENT

(1.) REVENUE has preferred this reference application under the provisions of Section 256(2) of the IT Act, 1961 (hereinafter referred to as 'the Act of 1961'). The Income - tax Appellate Tribunal (hereinafter referred to as 'the Tribunal') refused to make reference under the order dt. 17th Feb., 1999.

(2.) A reference application was earlier filed before the Tribunal under the provisions of Section 256(1) of the IT Act, for reference of certain questions to this Court. It was arising out of the order dt. 25th Aug., 1998 in relation to the block period of 1986 -87 to 1996 -97. Following questions were sought for reference:

(3.) ON the other hand, learned Counsel appearing for the assessee, submitted that none of the questions raised for reference involves a question of law, rather it is not even a case, where Tribunal has failed to consider evidence available on record or even ignored any material before drawing its conclusion. The perusal of the order passed by the Tribunal reveals that the said order was passed, after proper appreciation of facts available on record. Thus, essentially, the matter was decided by proper appreciation of material available on record to answer the question of facts. If any conclusion was drawn by the Tribunal, based on those facts, then Revenue cannot ask for reference for the purpose of reappreciation of material. Learned Counsel further urged that the judgments cited by the Revenue have no application to the present matter as those judgments were given by the Hon'ble apex Court on its own facts, where Tribunal either failed to consider material available on record of the findings were arrived at without due and proper consideration of entire material. According to the assessee, it is not a case where either of the conditions is satisfied for seeking reference.