TMI Blog1989 (3) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of the Income-tax Act 1961, (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Jabalpur Bench, Jabalpur, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the assessee was entitled to deduction of expenditure of Rs. 22,561 incurred on execution of mortgage deed for obtaining capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed it. On appeal, the Commissioner of Income-tax (Appeals) upheld disallowance by the Income-tax Officer. The assessee thereupon filed further appeal before the Tribunal. The Tribunal upheld the contention of the assessee and held that the assessee was entitled to deduction of Rs. 22,561. Aggrieved by the order passed by the Tribunal, the Revenue sought reference and it is at the instance of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an is obtained. In the instant case, the Tribunal has found that the Madhya Pradesh Financial Corporation had accepted the request of the assessee to adjust the amount of capital subsidy against the loan to be advanced by the Madhya Pradesh Financial Corporation and that there was no regulation regarding the application of the capital subsidy to any specific purpose. In view of these findings, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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