1984 (4) TMI 26

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....he assessee seeks a direction from this court to the Tribunal to refer the following three questions for the opinion of this court: " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the write-off of Rs. 6,50,922 could not be allowed as a business loss ? (2) Whether, on the facts and in the circumstances of the case, the Appella....

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....or that year. The ITO disallowed the said deduction claimed by the assessee. However, when the matter went before the Commissioner of Income-tax (Appeals), he chose to allow the appeal and, accordingly, he directed the deduction of the said amount as business loss. The Revenue took the matter in appeal to the Tribunal and the Tribunal held that the said sum of Rs. 6,50,922 was not a business loss ....

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....ebit and credit balances appearing in the accounts of the concerned parties of the two groups should be ignored and they cannot be treated as an asset or liability receivable or payable by either party to the arbitration award. The award also allotted various concerns as between the two groups exclusively. As a result of the said arrangement brought about by the arbitrator's award, the assessee-pr....

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....nted to write off as a business loss. It is not in dispute that the assessee-company was managed by two groups, N. Shanmugham Chettiar's group and N. Veeraswamy Chettiar's group, each owning 50% interest in the company. As a result of the arbitrator's award, N. Shanmugham Chettiar's group came to own the entire shareholding in the assessee-company exclusively and N. Veeraswamy Chettiar's group had....