COMMISSIONER OF INCOME TAX Vs. INSILCO LIMITED

JUDGEMENT

(1.) THIS appeal by the Revenue under S. 260A of the IT Act, 1961 (for short 'the Act'), is directed against the order dt. 5th Nov., 2001, passed by the Income tax Appellate Tribunal, Delhi Bench 'D', New Delhi (for short 'the Tribunal'), in ITA Nos. 2317 & 2318/Del/1994, pertaining to the asst. yrs. 1990 91 and 1991 92.

(2.) DESPITE service no one appears for the respondent assessee. We have, accordingly, heard Mr. Jolly, learned senior standing counsel for the Revenue.

(3.) INSOFAR as asst. year 1990 91 is concerned the Tribunal has come to the conclusion that the levy of interest under S. 234B was not justified as the assessee was under a bona fide belief that its income was not chargeable to tax because the interest paid had exceeded the receipt of interest. Having regard to various pronouncements, we are of the view that the order of the Tribunal in respect of the said assessment year involves a substantial question of law.