1993 (3) TMI 81

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..... of law has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the addition made by the Income-tax Officer on account of the estimated income on diverted funds ?" Shortly stated, the facts are that in the periods relevant to the assessment years 1983-84 and 1984-85, the assessee-Hindu undivided family permitted it .....

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..... y who took the so-called advance or as regards the so-called advances in question. In the circumstances, therefore, we must hold that the aggregate sum of Rs. 90,000 remained the property of the family. We are not impressed by Shri Damle's argument that the said sum was advanced as a loan by the family to the three members. Had it been so, there would have been some written agreement to go by. The .....

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..... sic primary fact on the basis whereof the Tribunal proceeded to hold that the aggregate sum of Rs. 90,000 remained the property of the family. The contention that the said sum was advanced as loan by the family to the three members has not been proved before the Tribunal. The Tribunal also found that there was no agreement in support of the contention that any advance was made by the family to the .....

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