9911796707
TMI Blog1998 (7) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of case and refer the following questions of law (referable to the assessment year 1983-84) for the opinion of the High Court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct both on facts and in law in : (a) cancelling the order dated March 25, 1988, passed by the Commissioner of Income-tax under section 263 of the Income-tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tels Ltd. The fact remains that the assessee received such amounts at 25 per cent. of the deposits from Bharat Hotels Ltd. as per the agreement with them even in respect of deposits directly collected by Bharat Hotels Ltd. ; (iii) That the assessee had no licence or any other rights in the proposed building site, it having assigned the licence rights to Bharat Hotels Ltd. It neither was authoris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of CIT v. Bazpur Co-operative Sugar Factory Ltd. [1988] 172 ITR 321 ; (v) That the Income-tax Appellate Tribunal is incorrect on facts in observing in para. 21 of its order that the assessee is an original promoter of the hotel project and the director of the assessee-company promoted and are substantially interested in Bharat Hotels Ltd. and its decision is based on perverse findings of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t-assessee submitting that the petition does not lie. Having heard learned counsel for the parties at length we are satisfied that the questions which are sought to be referred by the Revenue do arise as questions of law and from the order of the Tribunal. The Tribunal was not correct in rejecting the departmental prayer made under section 256(1) of the Act. The petition is allowed. The Tribunal s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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