1996 (8) TMI 59

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....he Income-tax Act, 1961, at the instance of the Revenue and the following three questions of law halve been referred by the Tribunal for answer by this court: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law to hold that there was no good reason or new fact to interfere with the order of the Appellate Assistant Commissioner who directed to allow the....

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....imed to have paid interest to her children, namely, Ku. Ravinder Kaur, Ku Navneet Kaur and Sardar Narender Singh. The Income-tax Officer disallowed the payment of interest in the absence of any evidence. Against the order of the Income-tax Officer, the assessee preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner held that the interest paid to the c....

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....rtificates of Ku. Ravinder Kaur, Ku. Navneet Kaur and Sardar Narender Singh wherein they have disclosed Rs. 25,000 each. It was said that they had deposited their money with the assessee. It was, also pointed out by counsel that Ku. Navneet Kaur and Sardar Narender Singh could give loan because they disclosed cash but it is not known as to when Ku. Ravinder Kaur converted the gold into cash and ga....