1996 (1) TMI 40

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.... of the Department, the Tribunal referred the following question, under section 256(1) of the Income-tax Act, 1961, for the opinion of this court, for the assessment year 1976-77 : " Whether, on the facts and in the circumstances of the case and on the materials on record, the finding of the Tribunal that no part of the interest paid by the assessee on the borrowed funds could be disallowed for t....

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....and accordingly he quantified the probable amount of interest forgone by the assessee at Rs. 48,875 and disallowed the same. On appeal, the Commissioner of Income-tax (Appeals) allowed the claim of the assessee and deleted the same. On further appeal, the Tribunal held that it had already considered the issue regarding the disallowance of interest in the case of the same assessee in I. T. A. No. 2....