9911796707
TMI Blog1995 (3) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 1,77,99,414 received by the assessee as price of cement and retained by it under the orders of the Delhi High Court was not liable to be included in the assessee's income ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in dismissing the Departmental appeal only on the ground that the order under section 263 cancelling the earlier order of the Assessing Officer was set aside by the Income-tax Appellate Tribunal without taking into account the fact that the Department's reference application against the earlier order is still pending before the Income-tax Appellate Tribunal and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l retention price was assessable as the assessee's income. So far as the other issue with regard to disallow ance of interest at 15 per cent. out of the interest paid to the depositors is concerned, the Income-tax Officer examined the trust deed and held that there was uncertainty about the security being available to the depositors and, hence, according to him the deposits in question were unsecured and not covered by sub-clause (ix) of clause (b) of Explanation to section 40A(8). He, accordingly, disallowed 15 per cent. out of the interest payable of Rs. 57,91,671 and the disallowance was to the tune of Rs. 8,53,751. The appeal having been preferred before the Commissioner (Appeals) against the aforesaid assessment order passed by the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also find that such similar questions have already been referred by the Tribunal itself in the assessment year 1982-83 on the basis of the application filed under section 256(1) of the Income-tax Act. On going through the order of the Tribunal passed on the appeal in the instant case, we are satisfied that questions of law do arise from the aforesaid issues decided by the Tribunal, although the questions proposed by the Revenue are not properly framed and worded. In the aforesaid view of the matter and also to bring out the real controversy in issue arising out of the orders of the Tribunal, we reframe the said two questions in the following manner, which, in our opinion, are questions of law : " (1) Whether, on the facts and in the circ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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