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TMI Blog1990 (11) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... s referred the following question : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that it was premature for the assessee to put forward its claim of business loss in the accounting period relevant to the assessment year 1975-76 ? " The assessee is a partnership firm. The assessment year concerned is 1975-76. The previous year relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of Sri Niwas Cotton Mills, but the cheque was actually made out in a sum of Rs. 41,000 in favour of one Sri Rama Shanker Shukla. Sri Shukla got the cheque encashed. Some time later, Badri Nath received a legal notice from Rama Shanker Shukla alleging that Badri Nath had taken a loan of Rs. 35,000 from the said Sri Rama Shanker Shukla stipulating a particular interest, that a sum of Rs. 41,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellate Assistant Commissioner proved of no avail. A second appeal to the Tribunal too met with the same fate. The Tribunal held that the claim of the assessee is premature. It observed that there are two versions with respect to the payment of the said amount-one put forward by the assessee and the other put forward by Rama Shanker Shukla. The criminal court has not yet adjudicated upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the case is true or not, it is for the authority to decide. Simply because the criminal case is pending or a civil suit has not been filed, the claim of the assessee cannot be left undetermined. Learned counsel for the petitioner also relied upon a circular of the Central Board of Direct Taxes, being Circular No. 35-D (XLVII-20) of 1965 (F. No. 10/48/65-IT(A1)) dated November 24, 1965, which sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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