TMI Blog1994 (5) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... 1988-89, respectively : 1. Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal has misdirected itself in rejecting the application under section 254 of the Act? 2. Whether the order of the Deputy Commissioner (Appeals) has been correctly interpreted by the learned Tribunal? 3. Whether, on the facts and circumstances of the case, the claim of the applicant under sections 11 and 12 of the Income-tax Act has been rightly rejected by the learned Tribunal? 2. The assessee claims to be a charitable trust, maintaining a Dharamshala for the use of general public. The trust was granted registration undersection 12A(a) of the Act as also benefit of sections 11 and 12 up to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value is zero and they cannot stand as security for anything. This is merely an eyewash, a fraud with the revenue and the trust. Its security can be judged only by the fact if the persons to whom the money is advanced denies to pay back money, whether the trust can recover the money. Clearly from the above there is no security at all. Under these circumstances, I decline to interfere with the order of ITO. 3. The second appeal filed by the assessee to the Tribunal was again unsuccessful. No reference application against the said order of the Tribunal was filed. However, the assessee moved applications under section 254(2) of the Act for rectification of the order on the ground that there was a mistake apparent from the record in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate authority and the Tribunal was of the opinion that this plea was taken for the first time before the Tribunal. In the present petition it is contended that such a plea was actually taken before the Deputy Commissioner (Appeals) and evidence was produced in support thereof. This contention does not find support from the order under appeal and as a matter of fact ground No. 3 raised in the memorandum of appeal before this Tribunal negatives the present contention. 5. Thereupon, the assessee made applications to the Tribunal for referring the questions of law arising out of its order refusing rectification. The applications were rejected. Hence the present applications. 6. Mr. B.N. Goswamy, the learned counsel for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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