9911796707
TMI Blog1984 (9) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt in the hands of the assessee company ? " The facts stated in the reference are that the assessee is a private limited company engaged in the manufacture and sale of conductors, winding wire, armour taps, aluminium enamelled wires, etc. For the assessment year 1980-81, the previous year of the accounts of the company ended on June 30, 1979. The assessee company purchased aluminium from M/s. Hindustan Aluminium Corporation, Renukut, U.P., and supplied the products to the Madhya Pradesh Electricity Board during the period June 24, 1975, to February 23, 1978. Hindustan Aluminium Corporation charged Central sales tax at the rate of 4% on these goods supplied to the assessee company. The assessee company debited this Central sales tax in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not be treated as a trading receipt in the hands of the company and, therefore, allowed the appeal and set aside the orders passed by the Inspecting Assistant Commissioner and the Commissioner of Income-tax (Appeals). Thereafter at the instance of the Revenue this reference has been made. Learned counsel appearing for the Revenue contended that there is no material to indicate that this money was ever claimed by the M. P. Electricity Board nor has it been paid to the M.P. Electricity Board and it was contended that it is on this basis that the Income-tax Officer found that as this money has not been claimed by the M.P. Electricity Board, it is a trading receipt in the hands of the assessee and, therefore, added it to the income of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal and the circumstances which were before it. Apparently, therefore, the finding that the money is the money of the M.P. Electricity Board and the company has no right or claim on the said amount is a clear finding of fact. It is not disputed that while hearing a reference, this court cannot go into the findings of fact arrived at by the Tribunal and, therefore, as the finding of fact arrived at by the Tribunal is as stated above, the only question that can be considered is as to whether on these findings any question of law arises, particularly the question which has been referred to us. The question as has been worded only means that the money does not belong to the M. P. Electricity Board but is a trading receipt. As it has be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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