Law:

Section:

Section 145, read with section 256, of the Income-tax Act, 1961 - Method of accounting - Rejection of accounts - Assessing Officer rejected books results of assessee on ground of low gross profit shown in books - Action of Assessing Officer was affirmed by Commissioner (Appeals) as well as Tribunal - Assessee filed instant application seeking a direction to Tribunal for reference of case - Whether any question of law arose - Held, no Subhash Jain and S.K. Jain for the Petitioner. Mrs. Parinitoo Jain for the Respondent. ORDER 1. Following questions are preferred with the prayer that the Tribunal be directed to refer these questions for the opinion of this Court : "1. Whether on the facts and in the circumstances of the case the Tribunal erred in law in holding that the system of accounting maintained by the assessee was such that true and correct profits could not be deducted therefrom ? 2. Whether on the facts and in the circumstances of the case the Tribunal erred in law in holding that the provisions of section 145(2) had rightly been applied by the Assessing Officer ? 3. Whether on the facts and in the circumstances of the case the Tribunal erred in law in brushing aside the accepted history of over 25 years and in not appreciating that the assessee continued to maintain the same system of accounting and the same books of account as had been maintained in the past and accepted all along by the revenue ? 4. Whether on the facts and in the circumstances of the case the Tribunal erred in law in holding that the assessee had not maintained day to day record of consumption of furnace oil and coal, without appreciating that the same was not feasible to maintain in the assessee's line of business and had never been maintained ? 5. Whether on the facts and in the circumstances of the case the finding of the Tribunal is perverse that no record of production is maintained being not based on any material ? 6. Whether on the facts and in the circumstances of the case the Tribunal erred in law in not accepting the explanation of the assessee regarding, increase in consumption of furnace oil, electricity and wages ? 7. Whether on the facts and in the circumstances of the…

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