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Issues: Whether, on the Tribunal's finding that the payments made by the promoter-managing director were adjustments of amounts drawn from the company's account and not loans or deposits, any referable question of law arose under section 256(2) of the Income-tax Act, 1961.
Analysis: The Tribunal had recorded a factual finding that the impugned payments were not by way of loan or deposit but were towards adjustment of amounts already drawn. The court treated this as a pure finding of fact. Since section 256(2) permits reference only on a question of law, the factual determination that section 269SS was not attracted did not give rise to a legal question warranting reference.
Conclusion: No question of law arose for reference, and the request under section 256(2) was rejected.
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