Law: Income Tax Act, 1961

Section: 256

Income-tax---Reference---Question of law---Assessment---Export business---Income from export business earned by a concern Or--Tribunal finding that O an independent entity and not a benami of assessee---O carrying on business activity in its own name---No evidence to show that income from export business carried on by O was income of assessee---Finding of Tribunal is a finding of fact---No question of law arose for reference---Indian Income Tax Act, 1961, S. 256(2). Held, that. the Tribunal had recorded a finding of fact that concern O, was not a benami of the assessee and the business activity was carried on by O in its own name and that no evidence had been brought on record - to show that the income from export business carried on by O was the income of the assessee. The…

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