1983 (9) TMI 158

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.... seeks a reference of the following question said to arise as a question of law out of the order of the Tribunal in ITA No. 775 (Mds)/82 in respect of the assessment of the assessee M/s K.A. Khadar & Sons for the asst. yr. 1979-80: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the sum of Rs. 65,000 being the borrowals made b....

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....ting add back of the total amount of such borrowal as the assessee's income from "other sources". In appeal the AAC deleted the addition accepting one of the arguments of the assessee based on the clarification and instruction given by the Board in Circular No. 221 dt. 6th June, 1977, though he found force in the assessee's other contention that since the so called Hundies were in English language....

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....issions of the parties and having regard to the nature of the document was satisfied that the borrowal in this case is not on Hundi. The Tribunal noticed that the document in terms was a promissory note and not a Hundi, though the word "Hundi" is engraved in the stamp paper on which the promissory note was executed. The Tribunal considered the Calcutta High Court decision relied on behalf of the a....

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....ange, is a finding of fact and does not give rise to any question of law. The ld. Departmental representative strongly relied on the fact that in regard to the order of the Tribunal in ITA No. 1162/Mds/79 dt. 24th Oct, 1980 in the case of paranjothi Salt Co., though a reference u/s 256 (1) was rejected by the Tribunal, a reference has been directed u/s 256 (2). We, however, find from a copy of the....