1991 (10) TMI 19 - HC - Income Tax

Summary

The High Court of Allahabad allowed the applications related to the deduction of interest on borrowings for payment of income tax. The Tribunal was directed to refer a question regarding the deduction of interest paid to M/s. Gwalior Agencies. The Tribunal's earlier order dismissing the Department's appeal was deemed erroneous. The applications were allowed with costs assessed at Rs. 200 each.