1987 (3) TMI 58 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed an application under section 256(2) of the Income-tax Act, 1961, regarding deduction of interest. The Tribunal allowed the deduction, finding it genuine and settled in the assessment year. The Revenue's application for reference was rejected, as no question of law arose from the Tribunal's order. The application was dismissed, and parties were to bear their own costs.