TMI Blog1997 (12) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... Jaipur, against the order dated July 17, 1990, passed in Income-tax Appeal No. 1525/JPR of 1989 by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, and the order dated April 25, 1991, passed by the Tribunal in Reference Application No. 200/JP of 1990, upholding the order dated July 17, 1990, and dismissing the application. The following questions of law were requested to be referred for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value and has not considered the sufficient material on record. The Tribunal has failed to take on record the estimated value of costs of its own without following any guidelines. Reliance has been placed on CIT v. S.P. Jain [1973] 87 ITR 370 (SC). On the other hand, learned counsel for the respondent has contended that the learned Tribunal, on the basis of the material on record and the fact t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue attributed to the stock should be decided and estimated by the concerned authority in a reasonable and judicial manner on the basis of the facts and circumstances of the case available before him. In the instant case, the finding recorded by the learned Tribunal cannot be said to be perverse. No question of law for reference is made out. Consequently, the reference application under section 256 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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