MASCOT (INDIA) TOOLS AND FORGINGS P. LTD. VS COMMISSIONER OF INCOME-TAX
1991 P T D 91
[Allahabad High Court (India)]
Before R.M. Sahai and R.P. Singh, JJ
MASCOT (INDIA) TOOLS AND FORGINGS P. LTD.
versus
COMMISSIONER OF INCOME-TAX
Income-tax Application No. 218 of 1988, decided on 24/04/1989.
Income-tax--
-----Reference---Tribunal upholding order of Commissioner under S. 263, Indian Income-tax Act, 1961, whether justified and Tribunal doubting market value of plant and machinery ignoring material on record, whether justified, are questions of law fit to be referred.
Whether the Tribunal was right in upholding the order of the Commissioner of Income-tax under section 263 of the Indian Income-tax Act, 1961, and whether the Tribunal's finding was vitiated in law in doubting the market value of plant and machinery without any material and ignoring materials on record, were questions of law fit to be referred.
JUDGMENT
R. M. SAHAI, J.--Having heard learned counsel for the assessee and learned standing counsel for Income-tax Department, we are of the opinion that the following questions of law do arise out of the, order passed by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi:
"(1) Whether, on the facts and circumstances of the case, the Tribunal is right in upholding the order of Commissioner of Income-tax Meerut, under section 263 of the Income-tax Act, 1961?
(2) Whether the Tribunal's finding is vitiated in law in doubting the market value of plant -and machinery without. any material and ignoring the materials on record?"
We, accordingly, direct the Tribunal to draw up a statement of the case and submit the same to this Court.
Z.S./778/TOrder accordingly.