1998 (7) TMI 52

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... a mandamus to the Income-tax Appellate Tribunal to draw up a statement of case and refer the following questions of law (referable to the assessment year 1983-84) for the opinion of the High Court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct both on facts and in law in : (a) cancelling the order dated March 25, 1988, passed by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he prospective customers of the commercial space being built by Bharat Hotels Ltd. The fact remains that the assessee received such amounts at 25 per cent. of the deposits from Bharat Hotels Ltd. as per the agreement with them even in respect of deposits directly collected by Bharat Hotels Ltd. ; (iii) That the assessee had no licence or any other rights in the proposed building site, it having....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ase, these amounts were not deposits as defined by the Supreme Court in the case of CIT v. Bazpur Co-operative Sugar Factory Ltd. [1988] 172 ITR 321 ; (v) That the Income-tax Appellate Tribunal is incorrect on facts in observing in para. 21 of its order that the assessee is an original promoter of the hotel project and the director of the assessee-company promoted and are substantially interest....