Commissioner of Income Tax vs S.S. Khosla

Ashok Bhan, J.—This is a petition u/s 256(2) of the Income Tax Act, 1961 (assessment year 1981-82), praying that the Appellate Tribunal, Amritsar, be directed to refer the following question of law to this court which arises out of the order of the Tribunal :

" Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in upholding the order of the Commissioner of Income Tax (Appeals), deleting the addition of Rs. 33,057 made by the Assessing Officer on account of concessional rate of interest on loan given by the company to the assessee being income within the meaning of Section 17(2)(iii)(a)/2(24)(iv) of the Income Tax Act, 1961 ?"

The Tribunal declined to refer this question on the basis of its previous order in the case of the assessee on the same question of law: The Commissioner of Income Tax filed I. T. C. No. 11 of 1987 and other connected petitions, which were dismissed by this court on January 5, 1989, holding that no question of law arises.

Taking the same view, we hold that no referable question of law arises in this petition which is dismissed with no order as to costs.