1992 (11) TMI 81

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..... tated the case and referred the following question of law to this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the order of the Commissioner of Income-tax (Appeals) directing the Income-tax Officer to add only the interest payments to partners totalling Rs. 76,177 and not an amount of Rs. 95,773 ? " Briefly stated, the facts a .....

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..... ided the issue in favour of the assessee and this was upheld by the Tribunal. At the instance of the Department, the aforesaid question of law has been referred. The question now stands settled by the decision of the Supreme Court in the case of Keshavji Ravji and Co. v. CIT [1990] 183 ITR 1. In that case, on similar facts, the Supreme Court, came to the conclusion that, on a correct interpretat .....

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