1990 (7) TMI 15

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....he opinion of the High Court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing interest of Rs. 5,758 to the firm on the ground that the interest was paid to the Hindu undivided family of the partners and not to them individually ?" The brief facts are that the assessee-firm credited interest of Rs. 5,758 in the account of the Hindu undivided....

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....aking a reference to the High Court. The present reference has come on the basis of the aforesaid reference application. The controversy raised before us is since covered by a Division Bench decision of this court in CIT v. Kishanlal and Bros. [1988] 174 ITR 728(Raj). We need not deal with the various aspects of the arguments raised by the two sides. The Division Bench held that the payment of ....