1992 (2) TMI 35

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....tion has been referred to us by the Income-tax Appellate Tribunal, Delhi Bench, under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the sum of Rs. 1 lakh was taxable as deemed income within the meaning of section 2(22)(e) of the Incometax Act, 1961 ? " The relevant facts are that the asses....

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....ssee, Shri Bharatji Agarwal, has argued only one point, that is, that the Tribunal has not considered the liabilities while holding that the company had sufficient accumulated profits to advance the loan of Rs.1 lakh. Section 2(22)(e) of the Income-tax Act defines dividend to include any payment by a company, not being a company in which the public are substantially interested of any sum made afte....

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....tunately for the assessee, this finding has not been challenged by way of a specific question under section 256(1). It is well-settled that finding of fact of the Tribunal can be challenged only in a reference under section 256 of the Income-tax Act by raising a specific question, vide Kanga and Palkhivala's Law and Practice of Income Tax, Eighth Edition, page 1547. All the necessary authorities o....