Law:

Section:

Section 36(1)(vii), read with section 256, of the Income-tax Act, 1961 - Bad debts - Assessment year 1986-87 - Tribunal found that transaction in question was a debt which had become irrecoverable and same was not in nature of investment and, accordingly, allowed assessee-firm's claim for bad debt - Whether finding of Tribunal was purely a finding of fact as to admissibility of claim of bad debt and, hence, application for reference had to be dismissed - Held, yes R.L. Jain for the Applicant. S.C. Bagadia and Pankaj Bagadia for the Respondent. ORDER 1. This is an application under section 256(2) of the Income-tax Act, 1961 ('the Act') for calling reference from the Tribunal for resolution of following questions said to be of law, arising out of the Tribunal's order dated 17-3-1993 in IT Appeal No. 252 (Indore) of 1991 and C.O. No. 56 (Indore) of 1991 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing claim of bad debt amounting to Rs. 44,38,276? Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was no collusive agreement…

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