1997 (12) TMI 17 - HC - Income Tax

Summary

The High Court of Rajasthan dismissed the income-tax reference application for the assessment year 1987-88. The Tribunal's decision on estimating the value of closing stock was upheld, stating it was not perverse. The court found no error in the Tribunal's decision and no question of law for reference was identified. The reference application under section 256(2) of the Income-tax Act, 1961 was dismissed.