1992 (2) TMI 35

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..... ench, under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the sum of Rs. 1 lakh was taxable as deemed income within the meaning of section 2(22)(e) of the Incometax Act, 1961 ? " The relevant facts are that the assessee was the managing director of Messrs. Anchor Pressings Pvt. Ltd. The rele .....

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..... unal has not considered the liabilities while holding that the company had sufficient accumulated profits to advance the loan of Rs.1 lakh. Section 2(22)(e) of the Income-tax Act defines dividend to include any payment by a company, not being a company in which the public are substantially interested of any sum made after May 31, 1967, by way of advance or loan to a shareholder .... to the extent .....

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..... cific question under section 256(1). It is well-settled that finding of fact of the Tribunal can be challenged only in a reference under section 256 of the Income-tax Act by raising a specific question, vide Kanga and Palkhivala's Law and Practice of Income Tax, Eighth Edition, page 1547. All the necessary authorities on this point have been discussed in Kanga's book at page 1547 and it is unneces .....

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