1985 (3) TMI 5

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..... der section 256(1) of the Income-tax Act, 1961, made by the Income-tax Appellate Tribunal, Indore Bench, Indore, at the instance of the Department, whereby it has referred the following two questions of law for our decision: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that borrowed capital should also be taken into account in computing .....

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..... Union of India [1985] 152 ITR 308 as also a decision of this court in CIT v. Sanghi Beverages (Pvt.) Ltd. [1982] 134 ITR 623 (MP) respectively. According to the decision of the Supreme Court in Lohia Machines Ltd.'s case [1985] 152 ITR 308, question No. 1 is answered in the negative, i.e., in favour of the Department and against the assessee. Question No. 2, in view of the decision of this court .....

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