9911796707
TMI Blog1986 (11) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act, 1961, on the following questions : " 1. Whether, on the facts and in the circumstances of the case, the trust, being found to be a genuine one, provided sufficient material for the conclusion that the credit as entered in the assessee's books were genuine even though there was no material to support the position that at the time of loan the trust was possessed of adequate funds ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee, Biju Patnaik, that Kalinga Foundation Trust is a juristic person and a separate entity in the eye of law. The appellate authority also relied upon the decision of this court in S.J.C. Nos. 211 to 216 of 1971 arising out of the said order of the Appellate Tribunal, reported in [1974] ILR (1974) Cuttack 374-CIT v. Biju Patnaik). Accordingly, the appeals were allowed. In second appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the Supreme Court has reversed the decision of this court and has directed the Tribunal to state a case. [See CIT v. Biju Patnaik [1986] 160 ITR 674]. The main basis of the decision of the Tribunal being now sub judice, the finding of the Tribunal that Kalinga Foundation Trust is a juristic person and a separate entity cannot be sustained as it will depend upon the answer to the questions to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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