By Vijay Kumar

The Commissioner (Appeals) examined the transaction with reference to the maxim: non quod dictum est, seb quod factum est in jure inspicitur which means that law takes note of what is done and not what is said. He proceeded on the theory that nomenclature is not decisive. The real character of the transaction needs to be examined. He relied upon the precedent where it is said that a party cannot escape the consequences of law merely by describing an agreement in a particular term, though in essence and in substance, it may be a different transaction.