1989 (9) TMI 27

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.... seeks reference of the following question of law to this court : That, on the facts and circumstances of the case and in view of the clear explanation offered by the petitioner, the Income-tax Appellate Tribunal has erred in upholding that the difference of Rs. 46,584, the interest paid to the bank and that charged from partners on their debit balance be taxed, ignoring the opening debit balance....

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....had referred to the debit balances of three of the partners and the credit balances of the four others. After taking the accounts of all the partners into consideration, the Tribunal found as a fact that there had been an increase in the debit balance, and, therefore, the monies which had been drawn from the banks had been diverted for the personal use of the partners. This is a finding of fact an....