9911796707
TMI Blog1979 (5) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was a company in which the public were substantially interested. The similar issue had come up for consideration in ITA No. 101 and 392/Mds/78-79 in the assessee's own case for the earlier years. Eventually, the issue before us was crystallised and the point for decision was whether the shares were freely transferable or not. If the shares were freely transferable, the assessee would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts which are very clear are that the assessee had sent a letter which was received in the IT Office on 12th March, 1976 wherein it was stated that the last instalment of advance tax had been remitted by cheque. The letter did not state that any cheque was accompanying the letter. The finding of the AAC is that the assessee had handed over the cheque before the due date i.e. 15th March, 1976 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he cheque was handed over to the Revenue Bank of India is in order. This being so, the AAC was amply justified in relying on the provisions of r. 81 of the Treasury Rules. Even otherwise,(it is only for the sake of argument)if the cheque had been tendered at the cheque counter on 12th March, 1976, in the normal course of commercial practice, it should have been sent for clearing on the 13th and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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