1984 (5) TMI 19

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....ng rise to the present petition under s. 256(2) of the I.T. Act, 1961, have been noticed in detail in the impugned order of the Income-tax Appellate Tribunal, dated March 4, 1976. However, the same may be briefly noticed. The petitioner (hereinafter referred to as " the assessee ") is a registered firm carrying on business in foodgrains and other items including cast iron scrap. For the assessm....

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....onnected with the assessment case but the same are not material for the purpose of the present case. The total income of the assessee was computed at Rs. 69,700 as rounded off. The assessee filed an appeal before the AAC but his contention about the adjustment of Rs. 25,684 as loss was declined. The assessee, thereafter, took the matter to the Appellate Tribunal with a prayer for making referen....

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.... that the settlement of the transactions in question took place without actual delivery and, hence, no referable question of law arose. The present application has been filed in this court for issue of a mandamus to the Tribunal to draw up a statement of case and refer the abovementioned question of law for consideration. After hearing the learned counsel for the parties, we find that the impug....

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....nother part of its judgment, the Tribunal also noted that the contention of the assessee that the onus placed upon them had been discharged on the basis of hundis discharged by Shri Ranjit Singh was wrong, as Shri Ranjit Singh had never produced his books of account in support of the fact that the money shown in the hundis as having been lent by him had actually existed with him and was duly recor....