1998 (7) TMI 46

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....--This is a reference under section 256(1) of the Income-tax Act, 1961, at the instance of the assessee and the following question of law has been referred by the Tribunal for answer of this court : "Whether, on the facts and in the circumstances of the case, the interest payment of Rs. 3,18,203 on bank overdrafts was an allowable deduction in computing the income of the assessee ?" The brie....

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....rmed the order and ultimately the matter reached the Tribunal and the Tribunal also confirmed the order of the Income-tax Officer on this issue. Hence, the assessee approached the Tribunal under section 256(1) of the Income-tax Act for making the reference before this court and accordingly, the Tribunal has referred the aforesaid question of law. This question has now been answered by their Lordsh....