TMI Blog1990 (11) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... section 256(2) of the Income-tax Act, 1961, the Tribunal has stated the following question : "Whether, on the findings of fact recorded by it, the Tribunal could legally hold that the assessee was entitled to exemption granted by rule 6DD(j) of the Income-tax Rules, 1962, in respect of the three transactions mentioned by it in its order ? " The assessee is a firm carrying on the business of ki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. Out of the four payments in question, two payments are in favour of Garg and Sons. The assessee's case was that there were regular dealings with the assessee and the said party, and that generally payments were made by bank drafts, but so far as these two payments are concerned, they had to be made after the close of the banking hours and also because advance payment of price was necessary b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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