Kolkata Court March 1989 Judgments

Soorajmull Nagarmull Vs. Commissioner of Income Tax.

Court: Kolkata

Reported in: (1991)99CTR(Cal)170

SUHAS CHANDRA SEN, J. :The Tribunal has referred the following two questions of law under s. 256(1) of the IT Act, 1961 :'(1) Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the assessee was not entitled to deduction of Rs. 23,25,280 on account of interest ?(2) Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the assessee was not entitled to deduction of Rs. 31,13,115 as bad debt ?'In this case the relevant asst. yr. is 1975-76 for which the accounting year is the period ended on R.N. of Sambat 2031 (year ending in March/April 1975).The assessee had made an application under s. 256(2) of the IT Act, 1961 to refer certain question of lay, which had not been referred by the Tribunal and this Court reframed the question and issue Rule in Matter No. 3906 of 1988. The question is as under :'Whether the finding of the Tribunal that the assessee shall not be entitled to deduction of Rs. 31...