1979 (8) TMI 44

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....ion of this court. " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the interest payments on arrears of cane price and purchase tax were admissible, deductions in the computation of the total income of the assessee ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the payment of Rs....

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....uch that both the sides feeling aggrieved have moved the present appeals before us. We have heard the parties and given our due consideration to all the circumstances. We find that the decision of the AAC for assessment year 1963-64 on which reliance was placed for the present year was reversed in second appeal by the Tribunal. The entire guarantee commision of Rs. 1,49,484 was held allowable. The....

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....round Rs. 2 crores. Moreover, the bankers had insisted upon the personal sureties of the directors and the shareholders. The Tribunal has discussed the necessity which obliged the assessee to furnish that security. It was noted that in case the same was not done, the assessee might have been required to pay a larger amount of interest. Respectfully following that decision, we hold that the entire ....