1995 (3) TMI 35

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..... is tax petition, the assessee requested this court to direct the Tribunal to refer the following question of law said to arise out of the order of the Tribunal for our opinion under section 256(2) of the Income-tax Act, 1961: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the expenditure of Rs. 17,769 was not an allowable deduction under sect .....

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..... r deduction. On appeal, the Commissioner of Income-tax following the decision of the Allahabad High Court in the case of CIT v. Rampur Timber and Turnery Company Ltd. [1981] 129 ITR 58, allowed these expenditure as deductions under section 57(iii) of the Act. Aggrieved, the Department filed a second appeal before the Tribunal. The Tribunal, following the decision of the Supreme Court in the case o .....

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..... ere not incurred for the purpose of earning the interest income. Inasmuch as the Tribunal, on appraising the facts, came to the abovesaid conclusion that the said expenditures were not incurred for earning the interest income, we consider that no referable question arises out of the order of the Tribunal as framed and suggested by the assessee. Accordingly, the tax case petition is dismissed. .....

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