1980 (11) TMI 5

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....will also govern the disposal of M.C.C. No. 5 of 1979. These are applications under s. 256(2) of the I.T. Act, 1961, hereinafter called " the Act ". The material facts giving rise to these applications briefly are as follows: The assessee is an HUF and carries on business in cotton., The relevant assessment year is 1969-70 for which the assessee filed a return declaring a net loss of Rs. 10 ....

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....matter, the AAC held that only a sum of Rs. 6 lakhs could be estimated as the amount invested by the assessee in the purchase of the goods out of its own funds. The AAC partly allowed the appeal. Aggrieved by the order passed by the AAC, the Department as well as the assessee preferred appeals before the Tribunal. The Tribunal partly allowed the appeal filed by the assessee to Rs. 5 lakhs, and dis....