1996 (4) TMI 106

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..... 961, in which the following two questions have been referred for our opinion : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in its opinion that loan of Rs. 86,50,000 taken by the corporation created capital asset in the hands of the assessee within the Second Schedule of the Surtax Act, 1964 ? 2. Whether, on the facts and in the circumstances .....

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..... to the Appellate Assistant Commissioner was allowed and the Revenue's further appeal to the Tribunal was dismissed. Hence, this reference. We have perused the order of the Tribunal in which it has been held that the loan granted by the Government was utilised for the creation of capital assets. In view of this finding of fact we answer the questions referred to us in the affirmative, i.e., in f .....

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