2001 (5) TMI 31

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....e directions given by this court on an application made under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), the Income-tax Appellate Tribunal, Delhi Bench "D" (for short "the Tribunal"), has referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no disallowance could ....

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....nd other depositors in two assessment years, i.e., 1976-77 and 1975-76, to the extent of Rs. 87,51,060 and Rs.1,15,97,286, respectively. Interest at 11 to 15 per cent. was paid to the depositors and banks. Accordingly, the Income-tax Officer brought to tax a sum of Rs.48,000 representing interest on the loans at 12 per cent. per annum. The assessee's stand that the amount had been advanced out of ....