1991 PLP 190 (PTD)
COMMISSIONER OF INCOME-TAX Versus J.K. BANKERS.
| Citation | 1991 PLP 190 (PTD) |
| Forum / Court | Allahabad High Court (India) |
| Bench Members | R.M. Sahai and R.K. Gulati, JJ |
| Parties | COMMISSIONER OF INCOME-TAX Versus J.K. BANKERS. |
| Primary Law | Income-tax |
Q1: What are the key laws and sections cited in 1991 PLP 190 (PTD)?
This judgment primarily cites: Income-tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1991 PLP 190 (PTD)?
The case was heard and decided by the Allahabad High Court (India) bench comprising: R.M. Sahai and R.K. Gulati, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1991 PLP 190 (PTD) (COMMISSIONER OF INCOME-TAX Versus J.K. BANKERS.). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Assessee receiving interest from firm in one capacity and paying interest in another capacity
Tribunal holding that only net amount of interest paid by firm to partner after adjusting interest paid by him to firm is disallowable is a question of law arising from Tribunal's order: Held, that whether the Tribunal was justified in arriving at the conclusion that only the net amount paid by the firm to a partner after adjusting interest paid by him to the firm should be disallowed under section 40(b) of the Indian Income-tax Act, 1961, irrespective of the fact that amount of interest is received by him in a capacity other than a capacity in which he paid interest to the firm or is a partner in the firm, is a question of law fit to be referred.
Judgment & Decree
R.K. GULATI, J.--Upon hearing the parties, we are satisfied that the following question of law does arise out of the order passed by the Income-tax Appellate Tribunal: "(1) Whether in law and on the facts of the case, the Income-tax Appellate Tribunal was justified in arriving at a conclusion that only the net amount paid by the firm to a partner after adjusting interest paid by him to the firm should be disallowed under section 40(b) of the Income-tax Act, 1961, irrespective of the fact that the amount of interest is received by him in a capacity other than the capacity in which he paid interest to the firm or' is a partner in the firm?" Accordingly, we direct the Income-tax Tribunal to draw up a statement of the case and refer the above question for the opinion of this Court. Parties shall bear their own costs. Z.S./765/T Order accordingly.