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TMI Blog1983 (9) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the order of the Tribunal in ITA No. 775 (Mds)/82 in respect of the assessment of the assessee M/s K.A. Khadar Sons for the asst. yr. 1979-80: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the sum of Rs. 65,000 being the borrowals made by the assessee-otherwise than through an account payee cheque cannot be assessed un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sources". In appeal the AAC deleted the addition accepting one of the arguments of the assessee based on the clarification and instruction given by the Board in Circular No. 221 dt. 6th June, 1977, though he found force in the assessee s other contention that since the so called Hundies were in English language and not in vernacular, they can not be regarded as Hundies. In the appeal before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the borrowal in this case is not on Hundi. The Tribunal noticed that the document in terms was a promissory note and not a Hundi, though the word "Hundi" is engraved in the stamp paper on which the promissory note was executed. The Tribunal considered the Calcutta High Court decision relied on behalf of the assessee in Harukda Balakissendas vs. Dhirendranath Roy Ors. AIR 1941 cal 498 wherei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental representative strongly relied on the fact that in regard to the order of the Tribunal in ITA No. 1162/Mds/79 dt. 24th Oct, 1980 in the case of paranjothi Salt Co., though a reference u/s 256 (1) was rejected by the Tribunal, a reference has been directed u/s 256 (2). We, however, find from a copy of the order of the Tribunal rejecting the application in that case that the Tribunal decis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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