COMMISSIONER OF INCOME TAX Vs. BANSWARA TEXTILES MILL LIMITED

JUDGEMENT

(1.) THE Revenue, by this application moved under Section 256(2) of the Income-tax Act, 1961, with respect to the assessment year 1984-85 of the assessee, has prayed that the Tribunal, Jaipur Bench, Jaipur, may be directed to state the case and refer the following two questions of law for the opinion of the High Court :

(2.) THE application under Section 256(1) of the Act was dismissed by the Tribunal on the ground that so far as question No. (1) is concerned, that stands concluded by the judgment of the Rajasthan High Court in the case of CIT v. Ambica Electrolytic Capacitors Pvt. Ltd. [1991] 191 ITR 494 which was decided in favour of the assessee and hence this question does not require further reference to the High Court. So far as question No. (2) is concerned, the Tribunal opined that how much addition has to be sustained on estimated basis, is a question of fact and requires no reference to the High Court.