2001 (2) TMI 46

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..... 1961 (for short "the Act"), for directing the Income-tax Appellate Tribunal, Delhi Bench "D", New Delhi (for short "the Tribunal"), to draw up a statement of the case and refer the following question of law to this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in disallowing the adjustments of interest payable to the IFCI .....

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..... eals)"), but the second appeal filed by it was allowed by the Tribunal which held that the adjustments made by the Assessing Officer cannot be termed as prima facie adjustment within the meaning of section 143(1)(a) of the Act. Reference application filed by the Revenue was dismissed by the Tribunal on the ground that no debatable issue arose out of the order passed by it. We have heard Shri R. .....

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