TMI Blog1995 (12) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Income-tax Act, 1961 (for short " the Act "), seeking a direction to the Income-tax Appellate Tribunal to state the case and refer the undernoted question of law for our answer : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding that the interest received on excess profits duty refund was taxable in the hands of the appellant and in the y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. This objection was overruled by the Income-tax Officer. Against this order, the assessee preferred an appeal. During the pendency of the appeal an order under section 263 was passed by the Commissioner of Income-tax. The Tribunal considered the conduct of the assessee and the system of accountancy. It was noticed that no entries were made in the books at the time of accrual. The Tribunal, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , therefore, filed the application under section 256(2) of the aforesaid Act. We have heard Shri S. C. Bagadiya, learned counsel for the applicant, and Shri D. D. Vyas, learned counsel for the non-applicant. Shri Bagadiya submitted that absence of entries in the books of account does not necessarily make the amount of interest received in the assessment year taxable. He placed reliance on Ked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be considered and answered. After considering the submissions, we find that the question as proposed is a question of law and does arise out of the order of the Tribunal passed in the aforesaid appeal and is required to be stated and referred. In the result we do not feel satisfied with the correctness of the decision of the Tribunal and require the Tribunal in terms of section 256(2) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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