COMMISSIONER OF INCOME TAX Vs. PAWAN KUMAR JAIN

JUDGEMENT

(1.) C .O. No. 196/Del/2006 relevant for the asst. yr. 2001 -02.

(2.) THE question that has arisen for our consideration is whether the assessee is entitled to reduce the interest paid by it on a loan taken by it from the Bank of Rajasthan, by adjusting the interest received by it on fixed deposits which were pledged with the Bank of Rajasthan for obtaining the loan.

(3.) IT appears to us that the matter is fully covered by the decision of this Court in CIT vs. Shri Ram Honda Power Equip (2007) 207 CTR (Del) 689 : (2007) 289 ITR 475 (Del) and that no substantial question of law arises.