COMMISSIONER OF INCOME TAX Vs. GUPTA B N

JUDGEMENT

(1.) THE petitioner seeks reference of the following questions to this Court:

(2.) IT appears that the assessee had an arrangement with the firm, Radhey Sham Movies. According to the assessee, that was a joint venture and the assessee was entitled to the adjustment of any loss which was suffered by the said joint venture, the extent of the allowance being as per the share of the assessee. Originally, when the assessment of the assessee was made, it was noted by the ITO that the share from the joint venture of Radhey Sham Movies would be subject to rectification. An appeal had also been filed before the AAC who had held, as noted by the Tribunal, that the ITO should deal with the loss of Radhey Sham Movies in the same manner as a loss in the partnership firm. This finding was not challenged by the Department by way of a further appeal to the Tribunal. This being so, it is clear that Radhey Sham Movies was to be regarded as a joint venture and if it suffered any loss, then to the extent the loss fell to the share of the assessee, it had to be adjusted against his other income. The Tribunal was, therefore, right in coming to the conclusion that the assessee had a share in the loss suffered by Radhey Sham Movies. This is a finding of fact and no question of law arises. The petition is dismissed.