COMMISSIONER OF INCOME TAX Vs. A GEERIPAL

JUDGEMENT

(1.) ORIGINAL Petn. Nos. 13061 and 13720 of 1999 are in the list today. As ORIGINAL Petn. No. 20241 of 1999 is similar in nature, the same is being taken up at the request of the learned counsel for the parties.

(2.) REFUSAL by the Tribunal, Cochin Bench to refer the questions posed by the Revenue for opinion under section 256(1) of the Income Tax Act, 1961 (in short "the Act)", has led to the filing of these petitions. The questions are as follows :

(3.) THE dispute has arisen in the following background : Assessee is a partnership firm engaged in the business of jewellery and are dealers in gold ornaments, silver ornaments and precious stones. For three assessment years, namely, 1988-89, 1989-90 and 1990-91, the assessing officer disallowed claim of interest of Rs. 47,428 for 1988-89, Rs. 70,025 and 70,551 for two periods of 1989-90, and Rs. 1,38,707 for 1990-91 in respect of gold loans holding that the method of computation of interest was detrimental to the assessee's business.