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TMI Blog1990 (2) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... held that special leave petition against refusal to call the reference can be converted to one against decision of the Tribunal on merits - Civil Appeal No. 1185, of 1985, 1186, 1187, 1188 of 1990, - - - Dated:- 5-2-1990 - J. S. VERMA., M. N. VENKATACHALAIAH. and N. D. OJHA. S.C. Manchanda, Senior Advocate (B.B. Ahuja and Miss A. Subhashini, Advocates, with him), for the respondents. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of these cases, the Income-tax Appellate Tribunal had, in substance, held that what was disallowable was the entirety of the interest paid by the firm to the partner-without reference to any interest that may, in turn, have been paid by the partner to the firm. The Tribunal, in the appeals preferred by the Revenue before it, allowed the appeals and reversed the view to the contrary taken in favou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Leave Petition No. 14291 of 1985 and connected cases) and by the judgment dated February 5, 1990, [1990] 183 ITR 1 , this court has taken a view in the light of which Sankaralinga Nadar and Co.'s case [1984] 147 ITR 332 (Mad) cannot be held to have laid down the law correctly in all respects. The pronouncement of this court in the said Keshavji Ravji and Co.'s case [1990] 183 ITR 1 covers the po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oidable formality in the circumstances of the present cases. As the position is now settled, we are of the opinion that the interests of justice would be served by treating the present special leave petition as directed against and arising from the main appellate orders of the Income-tax Appellate Tribunal, Madras, and after granting special leave, set aside that part of the appellate orders as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her, the appellate orders of the Income-tax Appellate Tribunal, in so far as they pertain to the extent of disallowance of interest under section 40(b) of the Act, are set aside and the said appeals remitted to the Tribunal for fresh disposal of the appeals on the point in the light of the pronouncement in Keshavji Ravji and Co.'s case [1990] 183 ITR I (SC). There will, however, be no order as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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