The Commissioner Of Income Tax v. M/S. Yusuf Ahmed & Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICGTION INCOME TAX REFERENCE NO. 447 of 1995 The Commissioner of Income Tax ... Applicant. vs. M/s. Yusuf Ahmed & Co. ... Respondent Mr. Parag Vyas for Applicant.Mr. S. V. Pikole for Respondent. CORAM: V. C. DAGA AND A. S. AGUIAR JJ.Date: 10[th ] August, 2005. P. C.: 1. By this reference under section 256 (1) of the Income Tax Act , 1961, the Income Tax Appellate Tribunal has referred the followingquestions of law for the opinion of this court: questions of law for the opinion of this court: “Whether on the facts and circumstances of the case,the Tribunal was justified in deleting the addition ofRs.91,000/- made by the Assessing Officer on accountof bundi loans invoking the provisions of section 69D ofthe Income Tax Act , 1961 which apply to the facts ofthe case? the Tribunal was justified in deleting the addition ofRs.91,000/- made by the Assessing Officer on accountof bundi loans invoking the provisions of section 69D ofthe Income Tax Act , 1961 which apply to the facts ofthe case? 2. Heard learned counsel for both sides. Perused referenceproceedings. proceedings. 3. For the reasons recorded by us in our judgment dated 1[st] July 2005 passed in Income Tax Reference No. 397 of 1988 (C.I.T. vs. M/s. Pithwa Engg. Works), wherein we have relied upon decision of thiscourt in the case of Commissioner of Income-tax v/s. CamcoColour Co., reported in ITR Vol. 254 (2002), page 565 we do notthink it necessary to answer the reference made to this Court for theAssessment Years 1976-77 and 1977-78, having negligible taxeffect. Accordingly, reference stands returned unanswered withno order as to costs. (A. S. AGUIAR J.) -x- (V. C. DAGA J. )