1996 (7) TMI 27 - HC - Income Tax

Summary

The High Court of Andhra Pradesh dismissed the Revenue's application under s. 256(2) of the IT Act, 1961, seeking a reference on two questions of law related to income reduction and registration decision for the assessment year 1984-85. The Tribunal upheld the CIT(A)'s decision to reduce the taxable income to Rs. 40,000 from Rs. 1,85,000 for an assessee engaged in the liquor business. The High Court agreed with the Tribunal that no question of law arose as the issues were based on factual considerations.