1983 (9) TMI 262 - HC - Income Tax

Summary

The assessee filed an application under section 256(2) of the Income-tax Act, 1961, requesting the Tribunal to refer questions of law. The main issue was the Tribunal's use of a 7% profit rate in the best judgment assessment. The Tribunal's decision was upheld, stating that past assessments were a better basis for determining profits. The application was rejected, and costs of Rs. 125 were imposed.