1999 (12) TMI 25 - HC - Income Tax

Summary

The High Court of Allahabad rejected the application under section 256(2) of the Income-tax Act, 1961, regarding the deduction of interest paid by an association of persons to its members for the assessment year 1988-89. The court upheld the Tribunal's decision based on a judgment of the Madhya Pradesh High Court and found no prohibition under the Income-tax Act for such a deduction. The application was rejected as no referable question of law was identified.