2001 (10) TMI 60

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..... ncome-tax Act, 1961, by the Commissioner of Income-tax, Jaipur, requiring this court to direct the Income-tax Appellate Tribunal to state the case and refer the following question said to be a question of law arising Out of the Tribunal's order dated January 29, 1979: "Whether, on the facts and in the circumstances of the present case, the 'Tribunal was justified in holding that interest paid by .....

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..... s the Appellate Assistant Commissioner have held the said gifts to be not genuine which are alleged to have been carried out by mere making of book entries and consequently, held that interest was in fact paid to the partners and not to the donees. As the interest paid to the partners was not allowable under the provisions of the Income-tax Act, the same was disallowed as deduction while computing .....

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..... he minors were actually utilised by the firm for its own purpose, the interest was paid for the purpose of carrying on the business and was then an allowable expense. In our opinion, all the aforesaid findings are findings of fact and do not give rise to any question of law. The Tribunal was justified in not entertaining the application under section 256(1) of the Act. This application under .....

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