9911796707
TMI Blog1980 (11) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... 56(2) of the I.T. Act, 1961, hereinafter called " the Act ". The material facts giving rise to these applications briefly are as follows: The assessee is an HUF and carries on business in cotton., The relevant assessment year is 1969-70 for which the assessee filed a return declaring a net loss of Rs. 10 lakhs. During the course of assessment proceedings, the assessee did not produce its books o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee in the purchase of the goods out of its own funds. The AAC partly allowed the appeal. Aggrieved by the order passed by the AAC, the Department as well as the assessee preferred appeals before the Tribunal. The Tribunal partly allowed the appeal filed by the assessee to Rs. 5 lakhs, and dismissed the appeal filed by the Department. Aggrieved by the order passed by the Tribunal, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issioner that at least 70 to 75 per cent. of the value of the goods pledged by the assessee with the banks was covered by the loans advanced by the banks ? " The applications are accordingly allowed. The Tribunal is directed to state the case and to refer the aforesaid question of law to this court for its opinion. In the circumstances of the case, parties shall bear their own costs of these app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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