1987 (7) TMI 28

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.... the judgment delivered and order passed by this court on January 28, 1985, in Income-tax Reference No. 1970 of 177 (sic), involves substantial questions of law and is a fit one for appeal to the Supreme Court. The substantial questions of law are stated to be as follows : "(a) Whether, in a case where an assessee has no available liquid funds at his disposal and borrows money for the purpose o....

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.... subsequent decision of the Supreme Court in Smt. Padmavati Jaikrishna v. Addl. CIT [1987] 166 ITR 176, where the Supreme Court affirming the decision of the Gujarat High Court in [1975] 101 ITR 153 has held that interest paid on loans was not an admissible deduction under section 57 of the Income-tax Act, 1961, where amounts were borrowed to pay taxes and annuity deposit and where the assessee de....