2001 (10) TMI 60

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.... This is an application under section 256(2) of the Income-tax Act, 1961, by the Commissioner of Income-tax, Jaipur, requiring this court to direct the Income-tax Appellate Tribunal to state the case and refer the following question said to be a question of law arising Out of the Tribunal's order dated January 29, 1979: "Whether, on the facts and in the circumstances of the present case, the 'T....

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.... by book entries. The Assessing Officer as well as the Appellate Assistant Commissioner have held the said gifts to be not genuine which are alleged to have been carried out by mere making of book entries and consequently, held that interest was in fact paid to the partners and not to the donees. As the interest paid to the partners was not allowable under the provisions of the Income-tax Act, t....