COMMISSIONER OF INCOME TAX Vs. R. SRIDHAR

JUDGEMENT

(1.) This appeal is filed by the revenue being aggrieved by the order passed by the Income Tax Appellate Tribunal (hereinafter referred to as "ITAT" for short). Bangalore, in No. 176/Bang/1997, wherein the appeal filed by the revenue has been rejected by order dated 4-5-2005. The material facts in brief leading upto this appeal is as under:

(2.) This appeal has been admitted on 18.09.2006 to consider the following substantial questions of law:

(3.) We have heard the learned senior counsel appearing for the appellants and the learned counsel appearing for the respondent.