TaxTMI 
TaxTMI 
1987 (2) TMI 38
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.... 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that while directing the Income-tax Officer to make a fresh assessment, the Appellate Assistant Commis....
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....came to the conclusion that the Income-tax Officer did not thoroughly examine the transactions between General Trading Co , Lalchand & Co., and the assessee firm, before coming to the conclusion as to whether M/s. Lalchand & Co. was or was not a benami business of the assessee. The Appellate Assistant Commissioner also found that certain payments made by the appellant firm to General Trading Co. a....
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....sdiction in directing enquiries into the applicability of section 40A(3) of the Act and in ordering investigation into the transactions between Lalchand & Co. and M/s. General Trading Co. The Tribunal, therefore, dismissed the appeal. Aggrieved by the order passed by the Tribunal, the assessee submitted an application for making a reference and it is at the instance of the assessee that the afores....