1997 (9) TMI 89

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..... he respondent has placed reliance on a Division Bench decision of the Bombay High Court in CIT v. Phalton Sugar Works Ltd. [1986] 162 ITR 622. Having heard learned counsel we are of the opinion that question No. 1 framed on behalf of the Revenue is merely academic and no reference is called for thereon. However, questions Nos. 2 to 5 are questions of law arising from the order of the Tribunal whic .....

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..... ,53,504 as a business loss? 3. Whether, on the facts and in the circumstances of the case, the assessee was entitled to deduction of interest of Rs. 1,42,369? 4. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in allowing the deduction of interest of Rs. 1,42,369 even though it is not an accrued liability?" No order as to costs.
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