https://www.taxtmi.com/caselaws?id=35677 Where income is computed on a net profit rate because books are found not verifiable under the proviso to section 145, the separate admissibility of interest on borrowed capital remains a question of law. The High Court held that this issue required a formal statement of case by the Tribunal and reference for its opinion under section 256(2). The Court did not decide the substantive deductibility question on merits; it allowed the application and directed the Tribunal to refer the stated legal question. en-us Mon, 15 Sep 1980 00:00:00 +0530 Tue, 16 Mar 2010 10:35:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35677 Where income is computed on a net profit rate because books are found not verifiable under the proviso to section 145, the separate admissibility of interest on borrowed capital remains a question of law. The High Court held that this issue required a formal statement of case by the Tribunal and reference for its opinion under section 256(2). The Court did not decide the substantive deductibility question on merits; it allowed the application and directed the Tribunal to refer the stated legal question. Case-Laws Income Tax Mon, 15 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35677