https://www.taxtmi.com/caselaws?id=6222 A question of law arose where the dispute concerned the legal permissibility of allocating part of the money-lending concern's loss to the assessee's exempt factory income for purposes of computing taxable income, and that issue was fit for a reference. By contrast, the disallowance relating to shortages depended on appreciation of evidence and factual findings, so no referable question of law arose on that point. The Supreme Court held that the High Court erred in refusing a reference on the loss-allocation issue and directed the Tribunal to state a case on whether any part of that loss was liable to be allocated in computing taxable income. en-us Tue, 11 Aug 1970 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6222 A question of law arose where the dispute concerned the legal permissibility of allocating part of the money-lending concern's loss to the assessee's exempt factory income for purposes of computing taxable income, and that issue was fit for a reference. By contrast, the disallowance relating to shortages depended on appreciation of evidence and factual findings, so no referable question of law arose on that point. The Supreme Court held that the High Court erred in refusing a reference on the loss-allocation issue and directed the Tribunal to state a case on whether any part of that loss was liable to be allocated in computing taxable income. Case-Laws Income Tax Tue, 11 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6222