1982 (5) TMI 32

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....ee then filed four applications under s. 256(1) of the Act before the Tribunal seeking a reference concerning the following questions : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was not engaged in genuine money-lending business ? 2. Whether there was any evidence before the Tribunal to hold that the assessee did not carry on any money-lending business ? and 3. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in disregarding the solemn affirmation made by the assessee before the authorities and in holding that he did not carry on any money-lending business? " These four applications were dismissed by an ord....

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....d, therefore, be no mistake by the assessee regarding the necessity of filing four applications under s. 256(2). However, the mere rejection of the application for condonation of delay would bring us back to the point that if the questions of law do arise, or any of them, they would arise out of the same order for all the years in question. We are not inclined at present to hold that only one application under s. 256(2) can be filed if there is only one appellate order by the Tribunal regarding the several years. This has become a part of the settled practice of the court. It is clearly understood that each assessment year is separate from every other assessment year. Therefore, there is a requirement to file a separate application for each....

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....ding transactions. But, this fact was not accepted by the AAC on the ground that he (the assessee) had not produced the books of account of M/s. Laxminarayan Atmaram, which was a firm in which the petitioner was a partner before he started the name-lending business. It was submitted by the learned counsel for the assessee that though the finding might be of little effect qua the assessee's income, it had serious repercussions qua some of the genuine parties who had taken loans and whose evidence had been recorded by the ITO. It may be mentioned that the assessment was made by an ITO belonging to the Special Circle-V in Calcutta, and he had recorded quite a number of statements from parties who had stated that they had taken genuine loans....