1988 (9) TMI 34

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..... , ACTG. C. J. -The order in this case will also govern the disposal of Miscellaneous Civil Cases Nos. 142 of 1986 and 144 of 1986. These are applications under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The material facts giving rise to these applications, briefly, are as follows : For the assessment years 1980-81 to 1983-84, the Income-tax Officer disallo .....

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..... that the sums received from the directors and shareholders of the assessee did not amount to 'deposits' within the meaning of section 40A(8) of the Act and that no disallowance of interest under section 40A(8) of the Act was called for ?" Accordingly, the applications are allowed. The Tribunal is directed to state the case and to refer the aforesaid question of law to this court for its opinion. .....

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