COMMISSIONER OF INCOME TAX Vs. COMFUND FINANCIAL SERVICES

JUDGEMENT

(1.) THE Revenue has filed this application with the prayer that the Income-tax Appellate Tribunal be directed to refer the following question of law arising out of its order dated September 30, 1997 :

(2.) THE application submitted by the Tribunal under Section 256(1) was dismissed on the ground that the finding which has been given by the Tribunal is of fact as to the nature of the amount remitted by the Deutsche Hank and other considerations following mainly the judgment of the Supreme Court referred by the Tribunal.

(3.) UNDER Section 41(1) of the Act, the liability would arise in respect of an allowance or deduction which has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee and subsequently during any previous year the assessee had obtained any amount in respect of such loss or expenditure or some benefit of such trading liability by way of remission or cessation thereof.