At the instance of the assessee the Appellate Tribunal referred the following questions of law to the High Court of Gujarat in respect of the assessment year 1964 65 Whether, on the facts and in the circumstances of the case, the Tribunal was right in number holding that out of the interest payment of Rs.
12,833/ was referable to withdrawals for purposes other than investment, and accordingly he disallowed the claim of interest to that extent.
6,199/ was number an admissible deduction against the income from other sources?
The Appellate Tribunal dismissed the appeals of the assessee.
After taking into companysideration earlier withdrawals from the Estate Account by the Ahmedabad Trust for the purpose of investment and making adjustments for deposits during the year, the Income tax Officer companycluded that the net withdrawals from the Estate Account for personal expenditure were Rs.
25.496/ , Rs.
An additional question raised in respect of the assessment year 1964 65Telated to the point whether the assessee was liable to tax on the net income only received by her from the Trust or the income determined in accordance with the provisions of the Iiicome tax Act in the case of the Trust.
3,10,806/ .
12,833/ was number an admissible deduction against the income from other sources?
10,880/ , Rs.
The question referred to the High Court for assessment year 1966 67 was Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that out of the interest payment of Rs.
10,880/ had been debited to the interest account maintained in the books of the Ahmedabad trust as interest paid to the Harivallabhadas Kalidas Estate Account.
Whether, on the facts and in the circumstances of the case, the income includible in the total income of the assessee is income determinable as per provisions of the Income tax Act, 1961 in the case of the Trust or the income receivable by the assessee from the said trust?
In regard to the question arising in each of the assessment years 1964 65 and 1966 67 relating to the disallowance of part of the interest claimed as a deduction by the assessee, the High Court relied on the view taken by it earlier in Smt.
The assessee appealed to the Appellate Assistant Commissioner of Income tax, and failing there she proceeded in second appeal to the Income tax Appellate Tribunal, claiming that the entire amount of interest should have been allowed as a deduction for each year.
S. Pathak, C.J. The appellant is an assessee who derives income from various sources, including income from the Shrimati Arundhati Balkrishna Trust, Ahmedabad.
In assessment proceedings for the assessment year 1964 65 the Income tax Officer found that a sum of.
