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TMI Blog1996 (7) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... plication under section 256(2) of the Income-tax Act, 1961 (for short the "Act"), seeking a direction to the Tribunal to state the case and refer the undernoted questions, labelled as of law, arising out of the order dated September 27, 1993, passed by the Tribunal in ITA No. 354/Ind. of 1989 for the assessment year 1984-85 after rejection of the application presented under section 256(1) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were not fulfilled ? " Briefly stated, the facts of the case are that the assessee sold finished products as scrap to M. P. Traders and Agents and Shri Nath Agency. The Assessing Officer, after verification found that in these concerns, the directors of the company and their close relatives have a substantial interest. He, therefore, made an addition of Rs. 12,70,338 on the assumption that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. M. Chaudhary, learned counsel for the non-applicant. The Revenue authorities took into consideration the expenditure incurred by the assessee on repairs of the car while computing the disallowance under section 37(3A) of the Act. The Tribunal, following the decision in Highland Produce Co. Ltd. v. ITO [1993] 45 ITD 488 (Cochin) and the decision of the High Court of Bombay in CIT v. Chase Brigh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sons [1971] 79 ITR 499 (SC), it is held that a conclusion based on appreciation of facts does not give rise to any question of law. We are satisfied that the aforesaid questions are concluded questions and the findings of the Tribunal are based on a proper appreciation of the facts. The aforesaid questions are thus, not found to be referable questions of law. We, therefore, reject this applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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