COMMISSIONER OF INCOME TAX Vs. GANGOUR INVESTMENT LTD

JUDGEMENT

(1.) THE Revenue has preferred the present appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the judgment of the Income Tax Appellate Tribunal (hereinafter referred to as the 'Tribunal') dated 19.05.2006 passed in ITA No. 2206/D/2000 in respect of the assessment year 1996 -97.

(2.) IN order to dispose of this appeal the following facts require to be noted:

(3.) HAVING heard the learned Counsel for both the Revenue as well as the assessee, we are of the view that the impugned judgment passed by the Tribunal deserves to be sustained for the following reasons: