2005 (2) TMI 855

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....referred following two questions of law under section 256(2) of the Income-tax Act, 1961 (here in after referred to as 'the Act') for opinion to this Court : "(1) Whether on the facts and in the circumstances of the case, the Tribunal was, in law, justified in deleting the disallowance of interest on excess levy sugar price amounting to ₹ 26,49,900 ? (2) Whether on the facts and in th....

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....lso the Tribunal it is not clear as to whether the amount of interest claimed had accrued during the previous year relevant to the assessment year in question or whether it related to the liability of interest of earlier years also. It is made clear that only that amount of interest which accrued during the previous year in question is liable to be allowed. So far as second question is concerned, ....