1994 (2) TMI 5 - HC - Income Tax

Summary

The applicant filed for a reference of questions of law under section 256(2) of the Income-tax Act for the assessment years 1975-76 and 1976-77. The Assessing Officer made additions to the income on account of undervaluation of closing stock. The Commissioner set aside the order and directed further assessment. The Tribunal declined to make a reference, stating that no question of law arose. The application was dismissed.