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of <h1>Contractor's Interest Deduction Query Referred for Court Opinion</h1> The High Court of Madhya Pradesh directed the Appellate Tribunal to refer a question of law regarding the deduction of interest paid on borrowed capital ... Question Of Law The High Court of Madhya Pradesh allowed an application under section 256(2) of the Income Tax Act, 1961, directing the Appellate Tribunal to refer a question of law regarding deduction of interest paid on borrowed capital by a contractor to the court for its opinion. The Tribunal had previously held that the interest was not separately admissible when profit was computed on a net rate basis.
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