CIT Vs. MODI ENTERTAINMENT LTD.

JUDGEMENT

(1.) THE following question of law was framed on 25.3.2014: -

(2.) AGAINST the assessment to income tax made for the assessment year 2001 -02 by order dated 23.2.2004, the assessee filed an appeal which went up to the Income Tax Appellate Tribunal. The Tribunal set aside the assessment on two issues :

(3.) UNDER section 36(1)(iii) the following conditions are required to be satisfied before the assessee can successfully claim deduction in respect of interest paid :