TMI Blog1985 (3) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Appellate Tribunal, Indore Bench, Indore, at the instance of the Department, whereby it has referred the following two questions of law for our decision: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that borrowed capital should also be taken into account in computing the capital for the purpose of working out the deduction a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this court in CIT v. Sanghi Beverages (Pvt.) Ltd. [1982] 134 ITR 623 (MP) respectively. According to the decision of the Supreme Court in Lohia Machines Ltd.'s case [1985] 152 ITR 308, question No. 1 is answered in the negative, i.e., in favour of the Department and against the assessee. Question No. 2, in view of the decision of this court in Sanghi Beverages (Pvt.) Ltd.'s case [1982] 134 ITR 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|