1990 (11) TMI 47

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....section 256(2) of the Income-tax Act, 1961, the Tribunal has referred the following two questions : "1. Whether, on the facts and circumstances of the case, the Tribunal was legally correct to hold that the amounts borrowed by the assessee during the course of the banking business were not utilised in the construction of properties and, accordingly, the interest payable amounting to Rs. 36,709 ....

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....ion and construction of the properties in question and, therefore, the amount of interest payable on the borrowings was not deductible under section 24(1)(vi) of the Income-tax Act. We see no reason to doubt or disturb the finding arrived at by the Tribunal. The question is answered in the affirmative, i.e., in favour of the Revenue and against the assessee. So far as question No. 2 is concerne....