1997 (3) TMI 46

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....instance of the Revenue from the order passed by the Income-tax Appellate Tribunal, Cochin Bench, in I. T. A. No. 197/Coch of 1987. The assessment year is 1977-78. Following is the question referred for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the claim of the assessee firm for deduction of interest paid ....

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.... 1984, with effect from April 1, 1985, recognising payment of interest to a person in dual capacity, is clarificatory in nature and retrospective in operation. The Tribunal followed the decision of the Andhra Pradesh High Court in N. T. R. Estate v. CIT [1986] 157 ITR 285. This very question had come up for consideration before the Supreme Court in Brij Mohan Das Laxman Das v. CIT [1997] 223 IT....