NDLI: Commissioner of Income Tax, Karnataka Vs. M/s Bedi and Company Pvt. Ltd.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income Tax Act 1961 : Sections 256(1) and (2)
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Income Tax Act, 1961 (43 of 1961)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Income Tax Act, 1961 : Sections 256(1) and (2)-Mixed question of law and facts-Scope of interference by High Court-Lone transaction under an agreement for promoting a paper mill-Assessment order treating the loan amount as income from business-Upheld by both the Appellate Assistant Commissioner and Tribunal-On reference, High Court's finding that the amount was loan and the Revenue failed to prove that it was income from business-On appeal, held that question of perversity in finding of fact has to be distinguished from mixed question of law and fact-High Court was justified in referring to the facts to answer the mixed question of law and fact. Respondent-assessee's regular assessment for the year 1960-61 was passed by the Revenue. Subsequently it was noticed that certain amount has been received by the assessee purporting to be loan under an agreement The Income-Tax Officer reopened the assessment and after issuing notice passed an assessment order treating the said ·amount as income from business. The respondent-assessee unsuccessfully challenged the assessment order before the Appellate Assistant Commissioner and Income Tax Appellate Tribunal on the ground that the said amount was received as loan to promote a paper mill and it was not a business income. However, on reference, the High Court took the view that the apparent set of things disclosed that the said amount was loan and the Revenue failed to prove the contrary. Aggrieved, Revenue T has filed the present appeal. Revenue contended that the High Court erred in arriving at its own finding of fact and that unless the findings recorded by the Tribunal were perverse the High Court ought not to have interfered with the findings of facts.
Judge	Hon'ble Mr. Justice S.S.M. Quadri
Neutral Citation	1998 INSC 98
Petitioner	Commissioner Of Income Tax, Karnataka
Respondent	M/s Bedi And Company Pvt. Ltd.
SCR	[1998] 1 S.C.R. 932
Judgement Date	1998-02-18
Case Number	4122

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