1996 (3) TMI 84

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ance of the assessee, the Tribunal has stated the cases and referred the undernoted questions for our consideration and opinion under section 256(1) of the Income-tax Act, 1961 (for short, " the Act "). In Miscellaneous Civil Case No. 85 of 1990, the Tribunal has stated the case and referred the question arising out of the order dated April 3, 1989, passed by the Tribunal in I. T. A. No. 653/(I....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se and confirmed the disallowance of Rs. 1,27,856 as bad debt in the other case. Feeling dissatisfied, the assessee filed applications under section 256(1) of the Act. The Tribunal on such applications stated the cases and referred the questions as noted above. We have heard Shri S. C. Bagdiya, learned counsel for the applicant/ assessee, and Shri D. D. Vyas, learned counsel for the non-applica....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....divided family inasmuch as that the loan of Rs. 2,61,785 taken from the bank and of Rs. 22,16,213 taken from M. P. Financial Corporation was personally guaranteed by those directors who are the members of the assessee-Hindu undivided family. According to him, the advances made by the assessee to the debtor-company were in the nature of investments and not in the nature of money-lending transaction....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ement of the case in the aforesaid case is found inconsistent with the order passed in that appeal, we find it fit to dispose of both these cases by this common order with appropriate directions. We are satisfied that in view of the aforesaid statement made in the case and the record contained in the order out of which the question is referred to us, and in view of the linkage of the case with ....