- (1.) The Income-tax Appellate Tribunal, New Delhi, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this court: Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in confirming the deletion of Rs. 1,81,000 being disallowance of interest ?
(2.) The present reference relates to the assessment year 1984-85.
(3.) Briefly stated the facts giving rise to the present reference are as follows:;