Commissioner Of Income-Tax vs P.N.B. Finance Ltd.
1989 Latest Caselaw 577 Del

Citation : 1989 Latest Caselaw 577 Del
Judgement Date : 6 December, 1989

Delhi High Court

Commissioner Of Income-Tax vs P.N.B. Finance Ltd. on 6 December, 1989

Equivalent citations: 1990 185 ITR 420 Delhi

Bench: B Kirpal, C Chaudhary

JUDGMENT

Kirpal

1. This petition is in respect of the assessment year 1979-80. The Tribunal has followed its earlier order for the year 1976-77 and in respect of which by order dated December 5, 1989, in ITC No. 126 of 1985 (CIT v. P.N.B. Finance and Industries Ltd., [1990] 185 ITR 340 (Delhi)), reference has been called for.

2. We, therefore, direct the Tribunal to state the case and refer to this court the following questions of law :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 17,87,979 was an admissible deduction in terms of section 36 of the Income-tax Act as a bad debt ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in allowing the claim of interest for Rs. 7,55,816 ?"

3. The petition is disposed of accordingly.