1999 (10) TMI 53

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..... Tribunal, Cochin Bench and hence this application under s. 256(2) of the Act has been filed. 2. The dispute relates to the asst. yr. 1990-91. Interest claimed in respect of certain credits amounting to Rs. 16,08,000 was disallowed by the AO on the ground that it was not genuine. Total interest claimed was Rs. 1,50,750. The AO was of the view that the alleged creditors did not respond to the not .....

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..... persons were not genuine and, therefore, the conclusion of the Tribunal that there was no dispute about the genuineness is a factual error. Learned counsel for the assessee submitted that grant of interest was consequent to the acceptance of the genuineness of the loan. Long back the loans were availed. Detailed examination was made in the relevant assessment year to test creditworthiness and genu .....

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