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Judgment
Kirpal, J.—The assessment year involved in this case is 1976-77. We have heard counsel for the parties and we are of the opinion that questions of law do arise in this case.
We, Therefore, direct the Tribunal to state the case and refer the following questions of law to this court :
"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. 17,50,000 was an admissible deduction in terms of section 36 of the Income Tax Act, 1961 ?
Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 70,00,000 was advanced by the assessed in the ordinary course of lending business ?
Whether, on the facts and in the circumstances of the case, is not the order of the Tribunal perverse ?
Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in allowing the claim of Rs. 37,977 ?"
There will be nor order as to costs.