2000 (12) TMI 30

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..... llowing questions have been referred for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (in short, the "Act"), by the Income-tax Appellate Tribunal, New Delhi (in short, "the Tribunal"): "1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in holding that the payment of guarantee commission of Rs.78,935 to Shri Devi Chand Sawhney was .....

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..... of the assessee-company. The said guarantee commission was paid to him for having stood as guarantor as regards the loan taken by the assessee from the Punjab National Bank. Similarly, a sum of Rs.36,186 paid by the assessee as interest on arrears of cane purchase tax was disallowed. Both the disallowances were assailed in appeal before the Appellate Assistant Commissioner (in, short "the AAC"). T .....

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