9911796707
TMI Blog1990 (9) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 1982-83, the following questions of law, have been referred to this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the entire proceeds of gold were invested in acquisition of other capital assets, within the meaning of section 11(1A) of the Income-tax Act, 1961 ? 2. Whether the Tribunal was justified in law in holding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequently repaid and credited in the assessee's bank account with Dena Bank. Out of the amount received from the parties, the assessee-trust again gave a loan of Rs. 7,50,00,000 to M/s. Bharat Petroleum Corpn. The Income-tax Officer did not, therefore, accept the assessee's contention that the net consideration from the sale of gold was deposited in Dena Bank on December 12, 1981, as claimed, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... F.180/54/72-IT(A1), dated September 25, 1975, where the Central Board of Direct Taxes has, inter alia, observed as follows: "The Board had occasion to examine whether investments of the net consideration in fixed deposits with a bank would be regarded as utilisation of the amount of the net consideration for acquiring another capital asset within the meaning of section 11(1A) of the Income-tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition of capital assets. From the facts as stated by the Tribunal it is not very clear whether the assessee advanced loans out of the income from the fixed deposits or invested the net consideration in fixed deposits and made renewals thereof. In the absence of necessary facts we are unable to answer the question in this reference. We, therefore, decline to answer this question in this reference ..... X X X X Extracts X X X X X X X X Extracts X X X X
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