1988 (7) TMI 34

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..... the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the assessee has prayed that the Tribunal be directed to refer the following questions to this court : "(i) Whether, on the facts and circumstances of the case, the Tribunal was justified in holding that the claim of loss of stock-in-trade valued at Rs. 81,000 was rightly rejected and the petitioner-firm was not entitled to deduct .....

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..... ome-tax Officer did not uphold the contention of the assessee and held that since the sal seeds had been sold for Rs 1,24,600, the closing stock was liable to be valued at that amount. The assessee thereupon preferred an appeal before the Commissioner of Income-tax (Appeals). The Commissioner held that the question as to whether the assessee was or was not the owner of stolen property was sub judi .....

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..... usion that so far as the question of value of stock is concerned, that is a pure question of fact. As regards the claim of the assessee for loss of stock-in-trade, the following question of law does arise out of the order passed by the Tribunal: "Whether on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the claim made by the assessee of loss of stock-in-tr .....

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