( 1 ) BY this application under Section 256 (2) of the Income-tax Act, 1961, the Revenue is asking this court to refer the following eight questions :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in confirming the deletion by the Commissioner of Income-tax (Appeals) of the disallowance of Rs. 2,43,780 relating to interest claimed by the assessee on borrowed money utlised in granting interest-free advance ?

( 2 ) WHETHER, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in confirming the order of the Commissioner of Income-tax (Appeals) in allowing the deduction of Rs. 4,93,148 being disputed demand of excise duty on single filament yarn used in the manufacture of double ply crimped ?

( 3 ) WHETHER, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in confirming the order of the Commissioner of Income-tax (Appeals)allowing the deduction of Rs. 25,21,766 on account of excise duty liability on crimped strech texturised yarn ?

( 4 ) WHETHER, on the facts and in the circumstances of the case, the Tribunal was correct in law in confir

Click Here to Read the rest of this document