9911796707
TMI Blog1987 (4) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... its opinion under section 256(1) of the Income-tax Act, 1961 (" the Act ") : " Whether the Tribunal was correct in allowing the assessee's claim for interest paid on the credit balance in the individual account of Shri Prakashchand ? " The facts in a nutshell giving rise to the aforesaid question were that the assessee, Narbharam Popat Bhai Sons, Raipur, is a firm and Prakashchand, son of N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation having been made in this behalf by the Department under section 256(1), the question aforesaid was referred to this court for its opinion. When the matter came up before a Division Bench of this court, it was of the view that there was divergence of opinion among various High Courts regarding the application of section 40(b) in respect of payment of interest to a partner of the firm, as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Commissioner under section 261 of the Act for grant of a certificate of fitness. Having heard counsel for the parties, we are of the opinion that there is no manner of doubt that the question which came up for consideration before the Full Bench of this court, is a substantial question of law of general importance. We are further of the opinion that since there is divergence of opinion a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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