1994 (10) TMI 46

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..... sing out of the order of the Tribunal. Admittedly, the Mambad Rubber Manufacturing Company Ltd., owed large amounts to the assessee. That company had huge accumulated loss besides owing large amounts to the Canara Bank which was insisting on repayment of the said amount. Since there was no scope for getting repayment of the amounts due, the assessee obtained certain shares in lieu of the amount du .....

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..... e of the conversion of the amount due into shares but also from another angle in which it has been pointed out that the amount due to the assessee could easily have been written off as bad debt and claimed as business loss. The order of the Tribunal is a well reasoned one based on the material. We do not find any infirmity or illegality in the said order justifying reference of any question for de .....

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