1990 (1) TMI 44

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..... in the circumstances of the case, the Tribunal is right in holding that the loans of Rs. 5.15 lakhs and Rs. 3 lakhs are to be treated as unproved loans when the condition precedent, namely, the issue regarding the person to whom the loan transactions belonged has been set aside to be determined ?" It appears that the Income-tax Officer, while assessing the petitioner, came to the conclusion that .....

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..... tent that the case was restored to the file of the Income-tax Officer to consider the genuineness of a joint venture agreement between the assessee and one Lalji and Co. and Maharaja Kumar Pratap Singh of Alwar. The Income-tax Officer, however, required treatment of the aforesaid sums of Rs. 5.15 lakhs and Rs. 3 lakhs as unproved loans. It is against this order that an application under section 25 .....

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