2008 (4) TMI 229

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....The Income-Tax Appellate Tribunal, Ahmedabad Bench "A", has referred the following question under Section 256(1) of the Income-Tax Act, 1961 ("the Act"), at the instance of the Commissioner of Income-Tax : "Whether on the facts and in the circumstances of the case, the Tribunal was right in allowing interest on borrowed funds at the rate of 4 % and not at the rate of 7.5 % for acquisition of pref....

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....l in the case of Shrenik Kasturbhai (HUF) the finding relating to allowability of deduction at the rate of 4 per cent had not been challenged by the Revenue. In support of the said statement The Statement of Case and Judgment of this Court in Income-Tax Reference No.38 of 1998 have been placed on record. 4. Thus, it becomes apparent that the finding of the Tribunal in case of Shrenik Kasturbhai ....