1990 (11) TMI 85 - HC - Income Tax

Summary

The High Court of Allahabad delivered a judgment on two questions under the Income-tax Act, 1961:
1. The assessee-company was not entitled to the allowance of Rs. 1,59,501 as interest in the assessment year 1966-67.
2. The Tribunal was justified in allowing the loss of Rs. 5,985 to the assessee on the sale of U.P. State Development Loan. The first question was answered in favor of the Revenue, and the second question was answered in favor of the assessee.