9911796707
TMI Blog1950 (10) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... cases are heard analogously and should be governed by this order. The assessee has asked us to issue a writ of mandamus to the Income-tax Tribunal to state a case on a point of law arising out of their order. 2. The circumstances are that the assessee, in carrying on business, is in the habit of borrowing money for capital purposes, and under Section 10(2)(iii), he is entitled to a deduction, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 18, or (iii) in respect of which there is an agent in British India who may be assessed under Section 43, or (iv) in the case of a firm, for any interest paid to a partner of the firm. Mr. Mohanty, the learned counsel for the petitioner, in fact, relies upon exceptions upon exceptions, and in this comexion he relies upon the third exception, namely, that there is an agent in British Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of the very item of interest received by him is assessed to income-tax, that the debtor's business has to be exempted from being assessed again in respect thereof. We cannot, therefore, accede to the prayer that we should ask the Tribunal to state a case. 3. The Tribunal have made the right observation in their order that at the time when the petitioner was being assessed, the bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so, it is open to the assessee to approach the Income-tax department for a refund. We are sure that the department will not try to have double assessment on the selfsame item of money. This cannot be treated for assessment purposes as profits of the debtor as well as of the creditor. Under the circumstance, Mr. Mohanty's remedy is somewhere else than in this Court. In case the Income-tax depar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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