1997 (12) TMI 84

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.... under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue seeking the opinion of the High Court on the following two questions of law arising out of the assessment year 1965-66 : "1. Whether, on the facts and circumstances of the case, the Tribunal was correct in law in allowing depreciation on trucks purchased by the assessee on hire-purchase basis? 2. Whether, ....

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....ee-firm, that is to say, the partners in the two firms were common. The Income-tax Officer had formed an opinion that the payment of interest by one firm to the other was a payment to the partners of the firm inasmuch as the partners in the two firms were common, attracting the applicability of section 40(b) which has an overriding effect on the provisions of section 36 of the Act. However, the Tr....