1990 (10) TMI 21

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....61 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, 'B' Bench, Patna, has referred the following question of law to this court for its opinion : "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalty for the assessment year 1969-70 imposed under section 271(1)(c) read with the Explanation thereto of the I....

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....ferred an appeal before the Tribunal. It was contended on behalf of the Revenue that though the assessee was deriving income from business, the assessee had not utilised the loans from various parties for business purposes but the loans were utilised for construction of the property and hence the claim for deduction of interest made by the assessee was not justified. It was, therefore, contended t....