1994 (4) TMI 45

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....stions were raised before the Income-tax Appellate Tribunal under section 256(1) of the Act in respect of the assessment year 1973-74, before us only the following question has been raised : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Appellate Assistant Commissioner deleting the disallowance of interest of Rs. 97,691 ma....

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...., loans were advanced to eight parties. The Income-tax Officer found that the assessee had paid interest to 20 parties, out of which 16 parties were paid interest at the rate of 12 per cent., two parties were paid interest at the rate of 9 per cent. and the other two parties were paid interest at the rate of 6 per cent. In these circumstances, the assessee's claim for interest to the extent of Rs.....