1992 (7) TMI 42

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....tance of the Revenue, the Income-tax Appellate Tribunal, Allahabad Bench, has referred the following three questions relating to the assessment year 1972-73 under section 256(2) of the Income-tax Act, 1961, for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal, was legally correct in allowing the assessee's claim of interest of Rs. 1,90,43....

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....ess of manufacture and sale of sugar had paid interest to the tune of Rs. 1,90,435 on account of late payment of cane purchase tax which was disallowed and then the question arose whether interest paid by the assessee was deductible. Similar question came up for consideration before this court in Dhampur Sugar Mills Ltd. v. CIT [1991] 188 ITR 787 and then this court answered the question in favour....