2001 (2) TMI 85

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.... this application under section 256(2) for requiring the Tribunal to state the case and refer questions of law said to be arising out of the Tribunal's order passed in I.T.A. No. 2166/JP of 1996. The questions of law proposed by the Revenue for the purpose of making a reference are as under: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was just....

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....nced the income to Rs. 3,51,497 on contract receipts of MES contract and accepted the return filed in respect of other income at Rs. 18,390. However, in computing the income from contracts with MES, no allowance for depreciation or interest paid to the creditors was made. On appeal, the Commissioner of Income-tax (Appeals) reduced the computation of total income by the Assessing Officer by Rs. 1 ....

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.... under section 256(1) of the aforesaid two questions was rejected by the Tribunal by holding that it has reached the just and correct decision after taking into consideration the decisions of the Allahabad and Punjab and Haryana High Courts and held that no referable question of law arises in allowing depreciation and interest on borrowed capital. We are of opinion that the Tribunal has clearly e....