1989 (3) TMI 78

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..... 61 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that interest paid to the Hindu undivided family accounts of the partners was liable to be disallowed under section 40(b) of the .....

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..... e the Tribunal was also dismissed. Aggrieved by the order passed by the Tribunal, the assessee sought reference and it is at the instance of the assessee that the aforesaid question of law has been referred to this court for its opinion. At the time of hearing, learned counsel for the Revenue conceded that the matter arising in this case is governed by a decision of the Full Bench of this court .....

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