9911796707
TMI Blog1994 (8) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... holding that the miscellaneous application of the appellant was an attempt to review the order of the Tribunal and not a petition pointing out mistakes in the order which were apparent from the record ? (ii) Whether, in the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the arguments of the appellant in the miscellaneous petition were based on misconception and wrong appreciation of facts ? (iii) Whether, in the facts and in the circumstances of the case, the Tribunal was correct in holding that five per cent. of the chit amount appropriated by the company as foreman's commission was adequate for meeting the expense on various services to be rendered as foreman, like expenses on administrati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y during the year ? " Briefly stated, the facts are that the assessee-company is engaged in the business of chit funds. In respect of the assessment year 1981-82, it claimed an expenditure of Rs. 5,68,500 as the amount paid by it as bid on its own chits. The Assessing Officer was of the view that profit/loss on a chit could only be worked out when the chit matures, i.e., when all the instalments have been paid. Accordingly, after deducting the dividend received by the assessee on its own chits (Rs. 1,90,095) from the aforesaid amount of Rs. 5,68,500, he added back the balance amount of Rs. 3,78,405 to the total income of the assessee. The Commissioner of Income-tax (Appeals) accepted the assessee's appeal and deleted the addition. The Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, the company reserves the right to appropriate five per cent. of the chit amount and if this were not for meeting the various services to be rendered as a foreman who requires assistance of administration and other staff what for it is retained. Coming to the aspect of the mutuality not being applicable to the assessee in view of there being specific services rendered only to members and to any outsiders reliance has been placed by the Tribunal on the Punjab and Haryana High Court decisions, the arguments as advanced in paragraphs 3.1 and 3.2 are fresh lines of argument being raised in this miscellaneous application. In regard to various submissions contained in paragraph 4 onwards the intention of the assessee is clearly one of revie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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