9911796707
TMI Blog1971 (8) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... case are fully set out in the statement of the case submitted by the Tribunal to the High Court. It is sufficient to extract the facts as set out in that statement: " 2. The statement of the case relates to the assessment year 1957-58. For this assessment year, the assessee changed his previous year into the financial year, and consequently, the previous year for the present assessment year covered a period of 18 months ending on March 31, 1957. The assessment has been made in the status of individual. 3. The assessee succeeded to the impartible estate of the Darbhanga Rai after the death of his father, Sir Maharajadhiraja Rameshwar Singh, on 3rd July, 1929. During his lifetime Sir Maharajadhiraja Rameshwar Singh carried on extensive mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; Rs. August 31, 1921 To Kunwar Ganesh Singh for starting a Guddee for ready and forward transactions in various goods, import of goods and dealings in shares 2,50,000 September 17,1921 To Kunwar Ganesh Singh for dealings in shares 1,50,000 " For starting a Guddee styled Sadashiva Vishwanath 2,00,000 " To Kunwar Ganesh Singh for Guddee and other business 4,50,000 Between December 29,1921 and May 30,1922 By transfer from various banks 10,50,000 October 27, 1922 For Howrah jute share 2,00,000 November 3, 1922 Kunwar for jute shares 4,00,000 November 30, 1922 To Kunwar by transfer from bank 5,00,000 32,00,000 7. The debtor did nut act up to the agreement and special efforts were made in 1923 to collect asmu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,09,571 on the ground that it represented interest pertaining to the original advance of Rs. 32,00,000 and not connected with the claim of irrecoverable loan in question. As regards the balance of Rs. 10,55,025 the Income-tax Officer held that it did not relate to the money-lending transactions of the assessee. 11. On appeal, by an elaborate order, the Appellate Assistant Commissioner upheld the disallowance. 12. The matter came up in second appeal before the Tribunal. For the detailed reasons discussed in its order (paragraphs 1 to 26) the Tribunal allowed the claim of Rs. 10,55,025 as bad debt and negatived the claim in respect of Rs. 6,09,571 representing interest. 13. Though under the agreement dated August 4 1921, the assessee' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is whatt!he High Court says as regards the findings reached by the Tribunal : " All the questions that we have referred to above were questions of fact, and the Tribunal came to its own findings on those facts. It was not, as it could not be urged before us that those findings were not based upon materials or evidence on record. Strangely enough, even after coming to that conclusion, the High Court certified this case to be a fit case for appeal to this court, under section 66A(2) of the Income-tax Act, 1922. The High Court did not give any reasons in support of the certificate granted by it. In the ordinary course we would have revoked that certificate and sent back the case to the High Court for giving reasons in support of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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