9911796707
TMI Blog1997 (12) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... the onus on the assessee within the meaning of section 69A had shifted on to the Department merely by owning up the seized cash in the hands of the director and paying taxes on it ?" Learned senior standing counsel for the Revenue has contended that the abovesaid question arises as a question of law from the order of the Tribunal and, therefore, the Tribunal was not justified in declining the reference under section 256(1) of the Act. Learned counsel for the respondent-assessee has submitted that the findings recorded by the Tribunal are mainly on facts and hence no question of law arises therefrom. The assessee-company is carrying on the business of lending and borrowing money on interest. A search was conducted by the Enforcement Di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. P. Lamba (a) admitted the possession of this money ; (b) moved an application before the Settlement Commission offering the amount for taxation in his hands ; (c) the application of Shri 0. P. Lamba has been admitted by the Settlement Commission. (ii) Shri O. P. Lamba (a) was the managing director of the assessee-company, (b) was also carrying on some business in his individual capacity utilising the premises of the assessee-company for this purpose, and (c) was having his own telephone number (in the company premises). (iii) The premises (from which recovery and seizure had taken place) was jointly used by the company for its business and by O. P. Lamba for his individual business and there is nothing to show that the amount was in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the findings remain binding on the High Court, the question as suggested would not arise as a question of law. He has placed reliance on a few decisions which are referred to in the succeeding paragraphs. In Patnaik and Co. Ltd. v. CIT [1986] 161 ITR 365 (SC), it has been held: "It is now well-settled that the Appellate Tribunal is the final fact finding authority under the Income-tax Act and that the court has no jurisdiction to go behind the statements of fact made by the Tribunal in its appellate order. The court may do so only if there is no evidence to support the findings or the Appellate Tribunal has misdirected itself in law in arriving at the findings of fact. But even there, the court cannot disturb the findings of fact gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee's statement was believed, there was obviously material on which the finding of the Tribunal was based ; and to seek for other material was tantamount to saying that a statement made by an assessee was not material on which a finding can be given. The Tribunal having believed the assessee's statement, there was an end of the matter in so far as that fact was concerned, and if the finding was based upon a statement which, was good material on which it could be based, no question of law really arose." In the case at hand we find the statement of the assessee having been believed by the Tribunal. Facts and circumstances have been set out in the order of the Tribunal considered relevant by it so as to record a finding in favour of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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