1991 (10) TMI 19

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..... to the assessment years 1982-83 and 1983-84. The Income-tax Officer had disallowed the assessee's claim for payment of interest on borrowings for payment of income-tax and other taxes as a permissible deduction. On appeal, the claim was allowed by the Appellate Assistant Commissioner. The Department's appeals against this order were dismissed by the Tribunal. While dismissing the appeals of the De .....

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..... e same reasoning on which its appeals for earlier assessment years were dismissed and since, with respect to those years, the Tribunal has already referred the question proposed, we think that for the two years in question also, the Tribunal should be asked to state the case. The petitioner's application under section 256(1) of the Income-tax Act has, however, been rejected on the ground that th .....

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..... the deduction claimed was allowable under that provision in any case. We, accordingly, direct the Income-tax Appellate Tribunal to state the case and refer the following question for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the interest paid to M/s. Gwalior Agencies should be deducted from interest received fro .....

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