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2002 (8) TMI 59 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal was legally justified in upholding the disallowance of Rs. 41,689 being the interest payable by the assessee to the Income-tax Department under sections 220(2) and 217 of the Income-tax Act, 1961?" - "1. Whether the Income-tax Appellate Tribunal was justified in upholding the disallowance of the claim of Rs. 41,689 or part thereof, while computing the income of the assessee for the assessment year 1971-72? - 2. Alternatively, whether, on the facts and in the circumstances of the case, was the Income-tax Appellate Tribunal justified in law in not allowing the claim of the assessee of Rs. 41,689 within the meaning of section 57(iii) of the Income-tax Act?" - we feel that it is not a fit case where we should now go into the controversy, sought to be raised before us by learned counsel for the assessee. - In view of the decision of the Supreme Court in Bharat Commerce and Industries Ltd.'s case, the question referred is answered in the affirmative, that is, in favour of the Revenue and against the assessee.
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