1995 (11) TMI 33

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.....---By this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the assessee is not liable to be taxed in respect of the amount credited to the 'Interest Suspense Account' represent....

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.... and the question posed before us, the ratio of the decision of this court in CIT v. Citibank N. A. [1994] 208 ITR 930 applies and not the decision of the Supreme Court in State Bank of Travancore v. CIT [1986] 158 ITR 102. We have pointed out to learned counsel that in the decision of this court the assessee had not credited any amount of interest to its account on loans advanced to certain parti....