9911796707
TMI Blog1994 (7) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of the Income-tax Act, 1961. The assessment year concerned is 1974-75 for which the relevant accounting period ended on June 30, 1973. The assessee is an exporter of handloom textiles. The assessing authority completed the assessment making an addition of Rs. 59,430 to the returned income alleging inflation in the purchase cost. The Inspecting Assistant Commissioner of Income-tax, Calicut-I, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [1985] 152 ITR 691 (Ker)), the reference must be answered in favour of the Revenue. The matter was accordingly sent back to the Tribunal for giving effect to the judgment of the High Court under section 260 of the Income-tax Act. However, by the time the matter came up before the Tribunal for passing an order under section 260(1) of the Income-tax Act, the High Court in the case of CIT v. P. I. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 256(1) are as follows : "256. (1) The assessee or the Commissioner may, within sixty days of the date upon which he is served with notice of an order under section 254 .... require the Appellate Tribunal to refer to the High Court any question of law arising out of such order...." Section 256(2) provides as follows : "256. (2) If, on an application made under sub-section (1), the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt upon hearing any such case shall decide the questions of law raised therein....a copy of the judgment shall be sent under the seal of the court and the signature of the Registrar to the Appellate Tribunal which shall pass such orders as are necessary to dispose of the case conformably to such judgment." (emphasis supplied). The order of the Tribunal under section 260(1) is, therefore, only f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. In the present case, there is no complaint that the order of the Tribunal under section 260(1) is not in conformity with the judgment of the High Court in the reference. A reference application from such an order is not, therefore, maintainable. The present reference application is, therefore, dismissed. In the circumstances, there will be no order as to costs. - - TaxTMI - TMITax - Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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