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Petitions under section 256(2) of the Income-tax Act, 1961 arising from a common order of the Income-tax Appellate Tribunal regarding the assessment year 1974-75, questions of law raised by the Revenue and the assessee, applicability of section 144B in relation to the assessment, preliminary objections raised regarding the maintainability of reference applications, consideration of referable questions of law, deletion of value of shrimps from closing stock, addition of borrowed cartons for export, addition of a specific amount, remittance of a matter back to Commissioner (Appeals), value of closing stock, value of goods becoming useless, and marketable, and conclusion against the Revenue by the court's decision. Detailed Analysis: The judgment pertains to petitions under section 256(2) of the Income-tax Act, 1961, arising from a common order of the Income-tax Appellate Tribunal concerning the assessment year 1974-75. The Tribunal initially heard the matter with two members concurring on certain points and differing on others. Subsequently, a third member provided an opinion on the points of difference. The Revenue filed reference applications to refer questions of law arising from the orders. The Tribunal, however, dismissed the reference applications, stating that the questions raised were questions of fact not liable for reference under section 256(1) of the Act. The Revenue filed Original Petitions to refer various questions, while the assessee filed a petition regarding the applicability of section 144B. A preliminary objection was raised regarding the maintainability of reference applications by the Revenue. The court rejected the objection, emphasizing that the earlier reference applications were kept pending and pursued alongside new applications. The court found no substance in the objection raised. Regarding the referable questions of law, the court analyzed various issues raised by the Revenue, such as the deletion of the value of shrimps from the closing stock, addition of borrowed cartons for export, and addition of a specific amount. The court found that there was no question of law arising from these issues. Other questions raised by the Revenue were also analyzed, including the value of closing stock, value of goods becoming useless and not marketable, and remittance of a matter back to the Commissioner (Appeals). The court concluded that no referable question of law existed in these matters. The court dismissed all petitions filed by the Revenue and the assessee, as it did not find any question of law arising from the Tribunal's order. The court also noted that since no questions were referred at the Revenue's instance, there was no need to consider the assessee's application for reference. Consequently, all four petitions were dismissed.
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