TMI Blog1990 (1) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal was correct in law and on facts in rejecting the Revenue's appeal against the order of the Commissioner of Income-tax (Appeals) deleting the disallowance of interest of Rs. 13,290 paid to the Karnataka. Industrial Development Board ? 2. Whether the Tribunal was correct in law and on facts in holding, that the interest of Rs. 30,96,241 paid on borrowed capital for modernisation and exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had directed a similar question to be referred. We, therefore, direct the Tribunal to state the case and refer the following question of law to this court: "Whether the Tribunal was correct in law and on facts in confirming the view of the Commissioner of Income-tax (Appeals) that the molasses reserve fund did not constitute the income of the assessee and that the assessee was entitled to get a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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