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TMI Blog1980 (9) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and refer the following question stated to be question of law arising out of the order of the Tribunal dt. 8th May, 1980 in ITA. No. 111/Coch/1979. 2. Inasmuch as, in our opinion, no referable question of law arises from the said order, we decline to draw up a statement and refer any question. 3. A firm by name M/s. S.M. Syed Mohammed Saheb & Bros., constituted under a deed dt. 1st April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the business was worth Rs. 8 lakhs and it had been purchased for Rs. 1,50,000 Rs. 6,50,000 was credited as "general reserve" in the books of the assessee-firm. 4. In the return filed for the asst. yr. 1975-76, corresponding to the previous year ended 31st march, 1975, which was the second previous year of the firm, the assessee declared a net loss of Rs. 27,970. This loss was arrived at afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble would only be a capital loss and could not be allowed as deduction. The AAC accordingly dismissed the appeal. 6. In the second appeal preferred by the assessee before the Tribunal, the assessee contended that the view taken by the lower authorities is wrong and that the fact that the debts were due to the processor firm would not debar the assessee firm claiming deduction in respect thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Commr. from the finding of the Tribunal the specified question of law arises for being referred to the High Court. We, however, find that the finding of the Tribunal is based on the preponderance of authorities in favour of the assessee. No contrary decision has been referred to or brought to the notice of the Tribunal. It is, therefore, a concluded question of law and as such no referable ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
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