1993 (3) TMI 81

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Act, 1961, for the assessment years 1983-84 and 1984-85, the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the addition made by the Income-tax Officer on account of the estimated income on diverted funds ?" Shortly stated, the facts are that in the periods relevant to the asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....; nor was there a partial partition either as regards the three members of the family who took the so-called advance or as regards the so-called advances in question. In the circumstances, therefore, we must hold that the aggregate sum of Rs. 90,000 remained the property of the family. We are not impressed by Shri Damle's argument that the said sum was advanced as a loan by the family to the three....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e a partial partition either as regards the three members of the family. This is the basic primary fact on the basis whereof the Tribunal proceeded to hold that the aggregate sum of Rs. 90,000 remained the property of the family. The contention that the said sum was advanced as loan by the family to the three members has not been proved before the Tribunal. The Tribunal also found that there was n....