1990 (8) TMI 49 - HC - Income Tax

Summary

The High Court of Bombay dismissed the Revenue's application regarding interest accrued on doubtful loans, stating that the interest had not been credited to the suspense account. The Tribunal's findings on both questions raised were based on detailed examination of facts, leading to rejection of the Revenue's application under section 256(2) of the Income-tax Act for the assessment year 1977-78. The application was rejected, and the rule was discharged.