COMMISSIONER OF INCOME TAX Vs. GIVO LTD

JUDGEMENT

(1.) The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 19th June, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 3070/Del/2004, for the Assessment Year 1997- 1998.

(2.) Mr. Sanjeev Sabharwal, learned counsel for Revenue submitted that the ITAT had erred in law in deleting the addition of interest of Rs. 4,00,320/- on account of advance given to Mr. V.K. Chabra. He also submitted that ITAT had erroneously deleted Rs. 10,00,000/- on account of foreign traveling expenses.

(3.) The ITAT while deleting the addition of Rs. 4,00,320/- on account of interest has observed as under :-