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TMI Blog1996 (7) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... following questions of law to this court for its opinion on the ground that the same arise from the order of the Tribunal dated March 31, 1979, in the case of Messrs. Pearl Woollen Mills, Ludhiana (hereinafter referred to as " the assessee ") : " 1. Whether, on the facts and in the circumstances of the case, it was open to the assessee to reagitate the merits of the addition of Rs. 9,36,000 on account of the value of the extra stock of yarn pledged by the assessee with the banks by way of an application under section 254(2) of the Income-tax Act, 1961, when limitation for an application under section 256(1) had expired long before ? 2. Where an application under section 254(2) of the Income-tax Act has been rejected after full hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see declared a loss of Rs. 37,854 but the total income was assessed by the Income-tax Officer vide his assessment order dated March 20, 1971, at Rs. 23,43,260, Rupees 9,36,000 were added on account of unaccounted stock found pledged with the bank but not accounted for in the books of account maintained by the assessee. In appeal, the assessee was granted relief to the extent of Rs. 17,73,424. Certain other directions in connection with the assessment were also issued by the appellate authority. Before the Appellate Assistant Commissioner, the assessee admitted that excess stock to the extent of 36,543 kgs. of the yarn was pledged with the bank. It was, however, pleaded that this stock related to the business done outside the books of accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stion the legality and propriety of the aforesaid additions restored by the Tribunal. The assessee filed an application under section 254(2) of the Act before the Tribunal for rectification of the order dated March 18, 1976, saying that addition of Rs. 9,36,000 was wrongly confirmed. In the rectification application, the assessee raised as many as six grounds in support of its contention. The Tribunal disposed of all the grounds raised in the rectification application. It was observed that there was no mistake apparent on the record and that the addition of Rs. 9,36,000 as made by the Income-tax Officer was duly confirmed. In doing so, the Tribunal in its order dated July 12, 1977, observed as under : " We have considered the rival cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me subject-matter under section 254(2) of the Act for the rectification of the original order passed by the Tribunal on July 12, 1977. The second rectification petition was admitted to hearing by the Tribunal and accepted vide its order dated March 31, 1979. The Tribunal modified its original order dated July 12, 1977, and the deletion made by the Appellate Assistant Commissioner to the tune of Rs. 8,34,730 was restored. The Revenue aggrieved against the aforesaid order moved an application under section 256(1) of the Act for making a reference to this court of the questions of law reproduced in the earlier part of the judgment to this court for its opinion arising from its order dated December 21, 1979. The Tribunal refused to refer thes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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