Law:

Section:

Section 40A(8), read with section 256, of the Income-tax Act, 1961 - Business disallowance - Interest on deposits - Assessment year 1977-78 - Whether where Tribunal recorded a finding of fact that principal business of assessee during relevant assessment year was finance business, same could not be interfered with in reference application before High Court and, therefore, it was to be held that assessee was a 'financial company' as defined in Explanation (c) to section 40A(8) - Held, yes JUDGMENT 1. This is a reference under section 256 (1) of the Income-tax Act. 2. The first question has been referred at the instance of the revenue and the other question at the instance of the assessee. The question referred at the instance of the revenue is as follows : "1. Whether on the facts and in the circumstances of the case the assessee in the accounting period relevant to the assessment year 1977-78 was a 'financial company' as defined in Explanation (c) to section 40A(8) of the Income-tax Act, 1961 ?" The question referred at the…

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