CIT Vs. ADYA OIL & CHEMICALS LTD.

JUDGEMENT

(1.) OBJECTIONS waived. None for the respondent -assessee though served.

(2.) IN this appeal the revenue has proposed the following question of law for consideration of this court.

(3.) SO far as question (b) is concerned, the Tribunal recorded that the assessee has not claimed interest payable as an expenditure. Consequently, any reduction of the claim by the bank would not attract to section 24(iv) or 41 of the said Act. However, as the facts were not clear from the records the Tribunal has directed the assessing officer to re -examine the facts. In these circumstances, we see no reason to entertain the proposed question (b).