9911796707
TMI Blog1996 (3) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... d questions for our consideration and opinion under section 256(1) of the Income-tax Act, 1961 (for short, " the Act "). In Miscellaneous Civil Case No. 85 of 1990, the Tribunal has stated the case and referred the question arising out of the order dated April 3, 1989, passed by the Tribunal in I. T. A. No. 653/(Ind) of 1984 on Application No. 46/(Ind) of 1989 : " Whether, on the facts and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g dissatisfied, the assessee filed applications under section 256(1) of the Act. The Tribunal on such applications stated the cases and referred the questions as noted above. We have heard Shri S. C. Bagdiya, learned counsel for the applicant/ assessee, and Shri D. D. Vyas, learned counsel for the non-applicant/ Department in both these cases. In the statement of the case of Miscellaneous Civi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,213 taken from M. P. Financial Corporation was personally guaranteed by those directors who are the members of the assessee-Hindu undivided family. According to him, the advances made by the assessee to the debtor-company were in the nature of investments and not in the nature of money-lending transactions." It is thus clear that the aforesaid observation contained in the statement of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal, we find it fit to dispose of both these cases by this common order with appropriate directions. We are satisfied that in view of the aforesaid statement made in the case and the record contained in the order out of which the question is referred to us, and in view of the linkage of the case with the question contained in Miscellaneous Civil Case No. 304 of 1991, the statements of the cases ..... X X X X Extracts X X X X X X X X Extracts X X X X
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