1993 PLP 1511 (PTD)
COMMISSIONER OF INCOME-TAX Versus SHERVANI SUGAR SYNDICATE LTD.
| Citation | 1993 PLP 1511 (PTD) |
| Forum / Court | 200 I T R 745 |
| Bench Members | Anshuman Singh and R.K Gulati, JJ |
| Parties | COMMISSIONER OF INCOME-TAX Versus SHERVANI SUGAR SYNDICATE LTD. |
| Primary Law | (b) Income-tax, (a) Income-tax |
Q1: What are the key laws and sections cited in 1993 PLP 1511 (PTD)?
This judgment primarily cites: (b) Income-tax, (a) Income-tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1993 PLP 1511 (PTD)?
The case was heard and decided by the 200 I T R 745 bench comprising: Anshuman Singh and R.K Gulati, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1993 PLP 1511 (PTD) (COMMISSIONER OF INCOME-TAX Versus SHERVANI SUGAR SYNDICATE LTD.). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Tribunal allowing application amounting to revision of its own order
Tribunal whether had jurisdiction to do so
Indian Income Tax Act, 1961, S.256. Question whether the Tribunal had not exceeded its jurisdiction by admitting and allowing the miscellaneous application of the assessee when it amounted to revision of its own order which is not permissible in law, and which could not be covered as a mistake apparent from record, was a question of law.
Reference--Accounting
Sugar--Valuation of closing stock of sugar-- Method of valuation--Question of law
Indian Income Tax Act, 1961, S.256. Question whether, in law and on facts, the Tribunal was correct in holding that the closing stock of free sugar should be valued at two different rates, i.e. 42, 704 quintals should be valued at Rs.85,58,293 being the amount realised on sale up to November 30, 1978, which was after the closing of the previous year and the balance sugar of 28, 789 quintals should be valued at Rs.207.86 per quintal which was the cost price as on June 30, 1978 and thus adopting an altogether new principle was a question of law.
Judgment & Decree
Tribunal allowing application amounting to revision of its own order
Tribunal whether had jurisdiction to do so
Indian Income Tax Act, 1961, S.256. Question whether the Tribunal had not exceeded its jurisdiction by admitting and allowing the miscellaneous application of the assessee when it amounted to revision of its own order which is not permissible in law, and which could not be covered as a mistake apparent from record, was a question of law. (b) Income-tax
Reference--Accounting
Sugar--Valuation of closing stock of sugar-- Method of valuation--Question of law
Indian Income Tax Act, 1961, S.256. Question whether, in law and on facts, the Tribunal was correct in holding that the closing stock of free sugar should be valued at two different rates, i.e. 42, 704 quintals should be valued at Rs.85,58,293 being the amount realised on sale up to November 30, 1978, which was after the closing of the previous year and the balance sugar of 28, 789 quintals should be valued at Rs.207.86 per quintal which was the cost price as on June 30, 1978 and thus adopting an altogether new principle was a question of law. After hearing learned counsel for the parties, we are of the opinion that the following questions of law do arise out of the order of the Income-tax Appellate Tribunal:
"(1) Whether in law and on the facts of the case, the Income-tax Appellate Tribunal has not exceeded its jurisdiction by admitting and allowing the miscellaneous application of the assessee when it amounted to revision of its own order which is not permissible in law and which cannot be covered as a mistake apparent from record which only can be rectified under section 256(2)? ' (2) Whether in law and on the facts the Income-tax Appellate Tribunal was correct in holding that the closing stock of free sugar as on August 30, 1978, should be valued at two different rates, i.e., 42,704 quintals should be valued at Rs.85,58,293 being the amount realised on sale up to November 30, 1978, which is after the closing of the previous year and the balance sugar of 28,789 quintals should be valued at Rs.207.86 per quintal which was the cost price as on June 30, 1978, and thus adopting an altogether new principle which has got no sanctity in law and in accountancy?" Accordingly, we direct the Tribunal to draw up a statement of the case and refer the aforesaid questions to this Court for its opinion. However, there will be no order as to costs. M.BA./2408/T Order accordingly.