1999 (9) TMI 962 - HC - Income Tax

Summary

The High Court rejected the Revenue's applications seeking mandamus to refer a question on deduction for salary and interest in a firm's profit computation under Section 40(b) of the IT Act for the asst. yr. 1994-95. The Court held that no question of law arose from the Tribunal's order as per a previous decision in a similar case. The Court also noted that the proviso to Section 44AD(2) did not apply to the assessment completed under Section 44AD(5). The applications were rejected as no referable question of law was found.