JUDGMENT
G.G. Sohani, Actg. C.J.
1. This is an application under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”).
2. The material facts giving rise to this application, briefly, are as follows : During the course of the assessment of the assessee for the assessment year 1972-73, the Income-tax Officer rejected the contention urged on behalf of the assessee that interest amounting to Rs. 68,641 should not be included in the total income of the assessee. The finding of the Income-tax Officer in this behalf was reversed by the Appellate Assistant Commissioner, but, on further appeal before the Tribunal by the Revenue, the Tribunal allowed that appeal and held that the Income-tax Officer was justified in including the said amount in the total income of the assessee. Aggrieved by the order passed by the Tribunal, the assessee sought reference, but as the application filed by the assessee in that behalf was rejected, the assessee has filed this application.
3. Having heard learned counsel for the parties, we have come to the conclusion that no question of law arises out of the order passed by the Tribunal. The Tribunal, after appreciating the material on record, found that the material on record was not sufficient for coming to the conclusion that the financial position of the debtors was not sound or that the interest had become irrecoverable or that on account of commercial expediency, the assessee was compelled to waive interest during the year in question. The Tribunal also held that there was no agreement between the parties by which the assessee had agreed not to charge any interest. Learned counsel for the assessee contended that while arriving at the aforesaid findings, the Tribunal has not taken into consideration certain material on record. The contention cannot be upheld. The finding of the Tribunal is based on consideration of the entire material on record. The finding arrived at by the Tribunal is a finding of fact. No question of law, in our opinion, is shown to arise out of the order passed by the Tribunal.
4. For all these reasons, this application fails and is, accordingly, dismissed. No order as to costs in the circumstances of the case.