TaxTMI 
TaxTMI 
1996 (5) TMI 7
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....sioner of Income-tax on the direction of the High Court. The Tribunal has referred the following question of law for answer by this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the interest paid to Gwalior Agencies should be deducted from interest received from the joint account maintained with Gwalior Agencies and only the ....
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....987 and Rs. 1,07,887, respectively, on account of the debit balances existing in her name in the accounts of the aforesaid firm. It was stated by the Income-tax Officer that the assessee had made withdrawals from her account with Gwalior Agencies for making payment of income-tax, wealth-tax, C.D.S. and for business and non-business purposes. Thus, the Income-tax Officer disallowed an amount of Rs.....
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....for the earlier assessment years, the departmental appeals were dismissed by the Tribunal. Thereafter an application was made by the Revenue for making a reference to this court. The application of the Revenue was rejected by the Tribunal. Hence, an application under section 256(2) of the Income-tax Act, 1961, was made to this court and this court called for a reference of the aforesaid question o....