https://www.taxtmi.com/caselaws?id=12912 The genuineness of gifts credited through book entries and the allowability of interest expenditure were treated as factual questions. The lower authorities rejected the gifts as not genuine and disallowed the related interest, while the Tribunal accepted that the gifts were genuine and that the borrowed amounts were used in the firm's business, making the interest deductible. The High Court held that these determinations were pure findings of fact and did not give rise to any referable question of law for a reference under section 256 of the Income-tax Act, 1961. The refusal to state a case was therefore justified. en-us Wed, 10 Oct 2001 00:00:00 +0530 Fri, 22 May 2009 19:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12912 The genuineness of gifts credited through book entries and the allowability of interest expenditure were treated as factual questions. The lower authorities rejected the gifts as not genuine and disallowed the related interest, while the Tribunal accepted that the gifts were genuine and that the borrowed amounts were used in the firm's business, making the interest deductible. The High Court held that these determinations were pure findings of fact and did not give rise to any referable question of law for a reference under section 256 of the Income-tax Act, 1961. The refusal to state a case was therefore justified. Case-Laws Income Tax Wed, 10 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12912