1983 (1) TMI 69

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...., -By this reference under s. 27(1) of the W.T. Act, 1957(hereinafter referred to as the Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion: "Whether, on the facts and circumstances of the case, the loan raised on the security of life insurance policies, but admittedly incurred in relation to the acquiring of the tax....

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....th-tax (Appeals). Aggrieved by the orders passed by the Commissioner (Appeals), the Department preferred appeals before the Tribunal. The Tribunal held that the Commissioner (Appeals) erred in directing the WTO to allow debts secured on life insurance policies held by the assessee as deductions. In this view of the matter, the Tribunal allowed the appeals. Aggrieved by that order, the assessees ou....