TMI Blog1996 (7) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... nal to state the case and refer the proposed question, as noted below, for our opinion, arising out of the order dated May 8, 1993, passed by the Tribunal in I. T. Appeal No. 601/ IND of 1992 after rejection of the application presented under section 256(1) of the Act and registered as R. A. No. 97/IND of 1993 on April 29, 1994, for the assessment year 1989-90 : "Whether on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Assessing Officer allowed deduction of unabsorbed business loss from the profits to arrive at book profits. By an application under section 154, the assessee requested the Assessing Officer to allow deduction of unabsorbed depreciation from profits while calculating book profits under section 11 5J as it was less than the total of business loss including unabsorbed depreciation. The Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the applicant/Department, and G. M. Chaphekar, learned senior counsel, with S. S. Samvatsar, for the non-applicant/assessee. Counsel for the applicant submitted that the aforesaid question is one of law and merits to be referred. On the other hand, counsel for the non-applicant submitted that the aforesaid question is based on appreciation of facts and does not give rise to any referable q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. The Tribunal declined to state the case and refer the question, as pro posed, in the undernoted terms : "This above finding, in our opinion is a finding of fact based of appreciation of the facts available on record. This finding, in our opinion does not give rise to a question of law. We, therefore, refuse to grant the reference." We are satisfied that the conclusion of the T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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