Judgment:
1. Heard Sri Bharatji Agarwal for the Revenue and Sri Vikram Gulati for the assessee. This is an application under Section 256(2) of the Income-tax Act, 1961.
2. Having heard learned counsel for the parties, we are of the opinion that the following questions of law do arise out of the order passed by the Tribunal :
'(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the interest paid by the assessee association of persons to its members was a legitimate business expenditure and an allowable deduction ?
(2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct to set aside the revision order of the Commissioner of Income-tax, Meerut, in regard to re-examination of the claim of salary, depreciation and loss on sale of vehicle ?
(3) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in setting aside the order of the Commissioner of Income-tax, Meerut, passed by him under Section 263 in respect of the consideration on account of empty bottles ?'
3. The Tribunal is directed to draw up a statement of the case and referthe aforesaid questions to this court.