1990 (1) TMI 13 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee in an income tax case for the assessment year 1974-75. The Tribunal found that the assessee proved the genuineness of cash credits of Rs. 2,60,000 and allowed the deduction of interest paid to Sugar Suppliers (P.) Ltd. The court held that the Tribunal's decision was based on evidence and no question of law arose. Both questions of law were answered in favor of the assessee.