TMI Blog1990 (10) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the loss of Rs. 22,988 was a speculation loss?" The assessee is a registered firm. It deals in oil cakes. For the assessment year 1974-75, it claimed a loss, of Rs. 42,931 comprising three items. We are concerned with only one item, namely, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tant Commissioner held that since the payment of loss is alleged to have been made in November, 1972, it falls in the assessment year 1973-74 and is not relevant to the assessment year 1974-75. On further appeal, the Tribunal dismissed the appeal on an entirely different ground. It took into consideration the contents of a debit note placed before it and, on that basis, came to the conclusion that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Commissioner disallowed the claim. It dismissed the appeal entirely on new ground. From the paper book supplied to us it does not appear that the Income-tax Officer or the Appellate Assistant Commissioner referred to the speculative nature of the transaction at any stage. Yet, having regard to the limitations of a reference under section 256 and the question referred to us, we have no alternati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
