9911796707
TMI Blog1981 (8) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... der s. 256(1) of the I.T. Act, 1961, by the Income-tax Appellate Tribunal : (1) Whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of interest on 3% Sterling Promissory Note for the assessment years 1951-52 and 1955-56 to 1967-68 ? (2) Whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and for other years under s. 256(l) of the I.T. Act, 1961. Out of the four questions earlier set out, questions Nos. 1 and 2 were sought for by the Commissioner. It is made clear from para. 8 of the statement of the case that the assessee-company had not itself filed any reference applications. However, it claimed to exercise its right as a respondent and required the Tribunal to refer certain q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the Appellate Tribunal was the reference application filed by the CIT. We are of opinion that the Revenue is right. The objection was taken by the Revenue before the Appellate Tribunal when the statement of case was being prepared, but the Appellate Tribunal overruled the objection, relying on Girdhardas Co. Ltd. v. CIT [1957] 31 ITR 82; 27 Comp Cas I (Bom). It does not appear that the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he High Court. Despite this, the Supreme Court considered the objection and held that the contention went to the root of the question of jurisdiction, and ultimately decided in favour of the Revenue. We are bound by the said decision, and, in accordance therewith, we will refrain from giving our opinion on questions Nos. 3 and 4. As the Supreme Court has observed that the reference itself (as fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
