9911796707
TMI Blog1989 (1) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that in implementing the Tribunal's order for the assessment year 1972-73, the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing stock of the earlier accounting year. The assessee, therefore, preferred an appeal before the Appellate Assistant Commissioner who directed that necessary adjustment be made in the opening stock in the assessment for the assessment year 1973-74. Now, in the second appeal preferred by the assessee from the order passed in appeal by the Appellate Assistant Commissioner for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal, the assessee sought reference and it is at the instance of the Tribunal that the aforesaid question of law has been referred to this court for its opinion, Shri Nema, learned counsel for the assessee, contended that, by the order passed by the Appellate Assistant Commissioner on the appeal arising out of the order of assessment passed by the Income-tax Officer for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istant Commissioner. It is no doubt true that after the order passed by the Tribunal in appeal preferred by the assessee relating to the assessment year 1972-73, the order passed by the Appellate Assistant Commissioner directing adjustment in the opening stock deserved to be rectified as it became erroneous. But rectification in that order could be effected only by the Appellate Assistant Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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