AI Structured Summary
Not yet generated for this judgment
Judgment
In view of the order passed in ITC No. 34 of 1979 which is between the me parties and for the earlier year, we are of the opinion that the following questions of law do arise from the order of the Tribunal :
"1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal had any material to hold that the settlement deed under which the respondents had paid a sum of Rs. 77,676 to certain lenders was a genuine transaction ?
Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing the deduction of the entire sum of Rs. 77,676 paid by the assessed to certain persons who had lent monies to it ?"
The Tribunal is directed to submit the statement of the case and refer the aforesaid questions of law for the opinion of this court. The Tribunal may submit a consolidated statement of case in ITC Nos. 244 and 245 of 1983 and 73 and 74 of 1984.
The Tribunal will substitute the proper amount for each year.