Law: Transfer of Property Act, 1882

Section:

(a) Income-tax-- ---Reference/appeal to High Court--Finding of fact by appellate Tribunal when can be disturbed by, High Court. The appellate Tribunal is the final fact finding authority under the income-tax Act and that the Court has no jurisdiction to go behind the statements of fact made by the Tribunal in its appellate order. The Court may do so only if there is no evidence to support them or the Appellate Tribunal has misdirected itself in law in arriving at the findings of fact. But even there the Court cannot disturb the findings of fact given by the Appellate Tribunal unless a challenge is directed specifically by a question framed in a reference against the validity of the impugned findings of fact on the ground that there is no evidence to support them -or they are the result of a misdirection in law: (b) Income-tax---Capital or revenue loss--Assessee buying Government bonds with a view to increasing business with Government--Loss incurred on such bond by assessee, Held would be a business loss. 73 I T R. 652-; 73 I. T. R-685, 75 I T R 17; (1968) 68 I-T R 200 (S C); 63 I T R; 609; (1967) 63 I T R 490 (SC); 60 I T R 52; 149 I T R 321 (Mad); 123 1 T F 709 (Mad); (1979) 118 I T R 606 Orissa and 86 I f R 11 ref. JUDGMENT R.S PATHAK, K ----- This appeal by special leave is directed against the judgment of the High Court of Orissa and raises the familiar question whether a loss suffered by the assessee is a capital loss or a, revenue loss. 2. The assessee deals in automobiles and also sells spare motor parts. For the assessment year 1963-64, the relevant accounting period being the year ended I March 31, 1963, the assessee claimed a loss of R s.53,1650 sustained by it on disposing of subscription to the Orissa Government Floated Loan 1972. It claimed that the loss suffered by it was revenue loss and, therefore deductible against its profits for the year. The Income-tax officer disallowed the loss in the view that it was a capital loss. The assessees appeal was dismissed by the Appellate Assistant Commissioner of Income-tax. But on second appeal the Income-tax Appellate Tribunal, accepted the contention of assessee that the subscription to the Government…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492