COMMISSIONER OF INCOME-TAX Vs. NAINITAL BANK LTD

JUDGEMENT

(1.) THIS is an appeal against the judgment and order dated February 28, 2005, passed by the Income -tax Appellate Tribunal, (Delhi Bench 'B', New Delhi), in I.T.A. No. 91/Delhi/2002.

(2.) THE substantial questions of law raised in the appeal are as follows:

(3.) WE have heard learned Counsel for the parties and perused the judgments given by the courts below. In the facts and circumstances of the case, after having gone through the order passed by the Commissioner of Income -tax (Appeals) as well as also the impugned order of the Income -tax Appellate Tribunal and in the light of the material available with us, we are of the view that the question of law raised for determination in the present case has already been concluded by the finding of fact and there appears to be no such substantial question of law to be answered by this Court. The Tribunal while relying on its earlier judgment in the case of TEDCO Investment v. Financial Services (P.) Ltd. reported in [2003] 87 ITD 298 (Delhi) rightly confirmed the view that the RBI Act was incorporated for a specific purpose and Section 45 Q categorically brings out the intention of the Legislature inasmuch as it states that Chapter III -B shall override for all intents and purposes. Hence, the Income -tax Appellate Tribunal has elaborately dealt with each and every ground specifically in the impugned judgment and we are in full agreement with the findings recorded by the learned Tribunal in its judgment. The findings recorded by the learned Tribunal are the findings of fact and do not call for any interference by this Court. Therefore, the questions raised in the appeal are accordingly decided in favour of the assessee and against the Department.