Law: Income Tax Act, 1961

Section: 40,40(b),256

Income-tax--Reference---Firm---Business expenditure---Disallowance of expenditure--­Interest on deposit---Deposit whether made by HUF or individual partner--­Question of fact---Supreme Court would not interfere with finding---Indian Income Tax Act, 1961., Ss.40(b) & 256. Held, that it was a question of fact whether the deposit in the firm was made by the Hindu undividual family and not by the individual partner; if it had been made by the Hindu undivided family, the provisions of section 40(b) of the Income Tax Act, 1961, would not apply. The Tribunal was final fact-finding authority and the Court would not interfere with the Tribunal's conclusion. ORDER The question of law that is said to arise in these appeals reads thus: "On the facts and in the circumstances of the case, and in law, whether the learned Commissioner of Income-tax (Appeals) was right in holding that the deposit in the firm was made by Gordhanbhai Jethabhai Zaverbhai, Hindu undivided family, and not by the individual partner and so the provisions of section…

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