TMI Blog1987 (3) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing questions of law to this court for its opinion : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in allowing deduction for Rs. 20,000 by way of interest by holding that the liability pertains to the year under consideration ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the above pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Assistant Commissioner had upheld the order passed by the Income-tax Officer, the Tribunal held that the claim of interest payable to the said firm was settled in the accounting year in question and, therefore, it was an expenditure which could be claimed in the assessment year. The Tribunal further held that the assessee had not claimed the amount of interest in the preceding year and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stion was genuine. The Tribunal has further found that the claim for interest was settled in the assessment year in question. The Revenue has not sought reference on questions challenging the aforesaid findings of fact by the Tribunal. Under the circumstances, no question of law arises out of the order passed by the Tribunal. The application, therefore, fails and is accordingly rejected. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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