NASIM SIKANDAR, J.---This is a case stated by the Lahore Bench of the Income-tax Appellate Tribunal, at the instance of the Commissioner of Income-tax, Companies, Lahore. The following question has been framed for our consideration and answer:--- "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that cost of freight and insurance is an item of Profit and Loss Account in spite of the facts that it is direct expense and debitable to the trading account."
2. After hearing the learned counsel for the Revenue, we will not take long to hold that the aforesaid question does not raise any legal controversy A as earlier found by a Division Bench of this Court in 1999 PTD 1329 re: Commissioner of Income-tax v. Anwar Enterprises, Sialkot. While disposing of as many as 461 P.T.Rs./petitions, the learned Division Bench concluded that these tax references did not raise any question of law arising from the orders of the Tribunal. Also in view of the introduction of presumptive tax regime by Finance Act, 1992, similar questions framed in these references were found to be of academic interest only.
3. Respectfully following the said order, we will decline to answer the question. .
Answer declined.