9911796707
TMI Blog2002 (8) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... to the application. By this application the petitioner prays for bringing on record the legal representatives of the deceased assessee, namely, Shri Raj Narain Agarwal. For the reasons stated in the application, it is allowed and the legal representatives of the deceased assessee are brought on record. Let the amended memo of parties names be filed during the course of the day. Application stan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 as interest received from the Income-tax Department on belated refund. Against the said interest received, the assessee had claimed a deduction of Rs. 41,689 as interest payable by him under sections 220(2) and 217 of the Act to the Income-tax Department in respect of various assessment years. The Income-tax Officer disallowed the said deduction on the ground that it was penal in nature and also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties. It is contended by Mr. Aggarwal, learned counsel for the assessee, that the assessee is entitled to claim the said amount as deduction while computing its interest income under section 56 of the Act. It is urged that none of the authorities below has gone into this question though it was raised before them. As regards its allowability under section 37(1) of the Act, Mr. Aggarwal very fairly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is also pertinent to note that in his application under section 256(1) of the Act, the assessee had proposed the following two questions: "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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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