2001 (9) TMI 6 - SC - Income Tax

Whether on the facts and in the circumstances of the case the Income tax Appellate Tribunal was legally correct in upholding the deletion of Rs. 19, 66, 550 instead of setting aside the same to the file of the Assessing Officer for the re-examination and opportunity to the assessee - High Court called for a reference on the basis that the question was a question of law - We are unable to agree with the High Court as here the question is a pure question of fact

Summary

The Supreme Court allowed the appeal and set aside the order challenged by the Revenue. The Tribunal's decision to delete the amount was upheld as it was based on pure guesswork. The High Court's call for a reference on a question of law was disagreed with as the Tribunal's factual conclusion was final. No costs were awarded.