Kerala Court September 1968 Judgments

N. Sundareswaran Vs. Commissioner of Income-tax

Court: Kerala

Reported in: [1969]72ITR219(Ker)

Isaac, J.1. These two references have been made by the Madras Bench of the Income-tax Appellate Tribunal under Section 66(2) of the Indian Income-tax Act, 1922, as directed by this court on the applications made by the assessee. These cases relate to the assessment years 1960-61 and 1961-62. The questions referred in the first case are :' 1. Whether, on the facts and in the circumstances of the case, the inferences of the Tribunal that Vijayamohan Metal Printers owned by the assessee, his wife and minor children has nothing to do with the business of the assessee and that the interest incurred by the assessee for raising loan for the purpose of the said business is not an allowable item of expenditure in computing the income of the assessee were justified ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in inferring that out of the total loan raised during the accounting year, the sum of Rs. 1,32,081 could not be considered as for the purpose ...