1988 (12) TMI 89

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....on of law referred to us at the instance of the Department in this reference reads thus : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in computing the 'dividend' under section 2(22)(e) restricting 'advances or loans' to cash transactions only and accordingly determining such dividend at Rs. 28,500 and Rs. 10,000, respectively ? " It is common ground th....

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....Rs. 40,675 which represented the peak of the payments in the two years. The Tribunal has, on going through the details of the account, found that payments other than the payment of Rs. 28,500 in the assessment year 1968-69 and other than Rs. 10,000 in the assessment year 1969-70 were made as advances towards the purchases to be made by the company from the assessee. Accordingly, the Tribunal held ....