1980 (9) TMI 26

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..... ppellate Tribunal to state the case and refer certain questions of law to this court for its opinion. The material facts giving rise to this application briefly are as follows : The applicant is an assessee carrying on business as a contractor. For the assessment year 1972-73 the assessee filed his return of income at Rs. 12,127. The ITO held that the proviso to s. 145 of the Act was applicable .....

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..... has filed this application. Having heard learned counsel for the parties, we have come to the conclusion that the following question of law arises in this case : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that interest paid by the assessee on borrowed capital was not separately admissible when profit was computed on a net rate basis ?" .....

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