9911796707
TMI Blog1990 (7) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... questions of law to this court : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified : (1) in holding that, in order to ascertain the actual market value of the closing stock of the firm for purposes of rule 2B(2) of the Wealth-tax Rules, 1957, the export invoice value has to be reduced by 35 per cent. ; (2) in holding that the export invoice value is not the market price but merely a quotation notwithstanding the provisions of section 18 of the Foreign Exchange Regulation Act; (3) in holding that the difference between the market value and the cost price of the closing stock of the firm is less than 20 per cent. and, therefore, no addition on account of increased value could be made in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has submitted that the facts of the present cases are exactly identical with those of CWT v. Smt. S. K. Bader [1987] 167 ITR 890 (Raj) between the same parties, relating to the assessment years 1974-75 and 1975-76 and, in the said case, it has been held that the finding of the Tribunal is purely a finding of fact and does not involve any question of law for reference to this court. The facts as found by the Tribunal have not been disputed even in the application under section 27(1) before the Tribunal and have not been challenged here in the present application. The questions which are sought to be raised in the present matter are similar to the ones raised in the case of Smt. S. K. Bader [1987] 167 ITR 890 (Raj). Learned counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aunqi Ram v. CIT [1984] 146 ITR 401 (P H), and CIT v. Carborandum Universal Ltd. [1985] 156 ITR 1 (Mad). We have given our thoughtful consideration to the whole matter. In our considered view, we are of the opinion that the facts of the present case are exactly identical to the facts in CWT v. Smt. S. K. Bader [1987] 167 ITR 890 (Rai). The facts being similar and the questions also being similar, and the Revenue not having challenged that the finding of fact arrived at by the Tribunal is perverse, we are inclined to follow the decision of this court reported in CWT v. Smt. S. K. Bader [1987] 167 ITR 890 particularly when the matter is between the same parties and since these questions have already been answered by this court, we refuse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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