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TMI Blog1969 (2) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... , at the instance of the assessee the question that has been propounded by the Tribunal for decision is: " Whether, on the facts and in the circumstances of the case, the sum of Rs. 1,58,537 for which hundies were drawn in Gwalior and which hundies were discounted in Gwalior, was received in Gwalior State ? " The material facts are that the assessee Gabhabhai Velji carried on business as a commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ji Haridas & Co. of Bombay to pay to Thakersey Murarji, a businessman said to be carrying on business at Gwalior, the sum specified in the hundies " on sight as per rules of the Grain Merchants Association ". Each of the hundies drawn by the assessee mentioned that the amount specified in the hundi had been received by the assessee at Pachhar from Thakersey Murarji. The said Thakersey Murarji nego ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred. In our judgment, on the facts found by the Tribunal the question placed before us for decision must be answered in the negative. The amount of Rs. 1,58,537 can be treated as having been received by the assessee at Pachhar only if it is found that Thakersey Murarji purchased the hundies and took them so to become absolute holder for value and not as an agent for collection of the amounts s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount and his remedy is only against the drawer and the prior endorsers ; but when once the drawee has accepted the instrument, his liability on it is fixed, for by his acceptance he responds to the request of the drawer to take up the instrument and thus becomes the principal party liable. In our opinion, on the facts found by the Tribunal, it must be held that Thakersey Murarji took the hund ..... X X X X Extracts X X X X X X X X Extracts X X X X
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