COMMISSIONER OF INCOME TAX Vs. ASIAN TUBES LTD.

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income-tax Appellate Tribunal (hereinafter, referred to as "the Tribunal"), dated September 25, 2013, in I.T.A. No. 2158/Ahd/2011 for the assessment year 2003-04, whereby the learned Tribunal has allowed the said appeal preferred by the assessee, the Revenue has preferred the present tax appeal with the following proposed questions of law :

(2.) Thereafter, notice under section 148 of the Act was issued on March 30, 2010, and the Assessing Officer passed the reassessment order holding that the amount of Rs. 43,05,343 paid to the relative parties with interest at the rate of 24 per cent, is in excess of the interest at the rate of 15 per cent paid to the unrelated parties and, consequently, disallowed the same.

(3.) That, feeling aggrieved and dissatisfied with the reassessment order passed by the Assessing Officer, challenging the initiation of the reassessment proceedings itself as well as on the merits, the assessee preferred an appeal before the learned Commissioner of Income-tax (Appeals) and the learned Commissioner of Income-tax (Appeals) dismissed the appeal preferred by the assessee, by holding that the Assessing Officer was justified in initiating reassessment proceedings on the ground that there was no true and correct disclosure by the assessee with respect to the rate of interest paid to the concerned relative parties and also on the merits held that the interest paid at the rate of 24 per cent is in excess of the interest at the rate of 15 per cent paid to the unrelated parties was excessive, unreasonable, and therefore, disallowable.