1991 (6) TMI 13

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....ENKATARAMA REDDI J. - The following question has been referred under section 256(1) of the Income-tax Act, 1961, for the decision of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the interest of Rs. 4,36,103 earned by the assessee-company on investment of its funds could not be deducted from the ca....

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.... been overruled by the jurisdictional High Court, namely, the Madras High Court, in the decision reported in CIT v. Seshasayee Paper and Boards Ltd. [1985] 156 ITR 542. Learned counsel for the assessee in this case, Mr. Y. Ratnakar, advanced identical arguments as were put forward by counsel for the assessee in the connected R. C. No. 108 of 1983 (CIT v. Derco Cooling Coils Ltd. [1992] 198 ITR ....