P.N.B. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Having regard to the averments made in this application and the order dated 5 -12 -2008, we revive reference in ITR 357/1984. CM stands disposed of.

(2.) It is contended by learned counsel for the petitioner that reference in this case stands answered, in so far as question No. 3 is concerned, in favour of the petitioner, as decided by this court vide its order dated 3 -1 -2008 in ITR 330 -32/1986.

(3.) In the aforesaid order, this court has answered that identical question in the negative in favour of assessee and against the Revenue holding that the aforesaid amount was not chargeable under Interest Act as interest.