On the question whether the interest on Rs. 5.5 lacs was deductible for the assessment years 1957 58, 1958 59 and 1959 60, the Tribunal declined to make any reference to the High Court, whereupon the assessee applied to the High Court under section 66(2) and upon the application being allowed, the Tribunal referred the question whether interest on the overdraft of Rs. 5.5 lacs the sums of Rs. 20,107 (for the assessment year 1957 58), Rs. 25,470 (for the assessment year 1958 59) and Rs. 18,445 (for the assessment year 1959 60) paid to the Central Bank was allowable as a deduction under section 10(2)(iii) or 10(2) (xv) of the Indian Income Tax Act, 1922 (being Income Tax Reference No. 775 of 1970).