BABUBHAI JOITARAM OZA Vs. VISHNUBHAI CHHATARAM HEMANI

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dated 16.09.2014 passed by the learned Income Tax Appellate Tribunal, Ahmedabad Bench 'C' (hereinafter referred to as "Tribunal") in ITA No.5/AHD/2001 for Assessment Year 199697 by which the learned Tribunal has allowed the Appeal preferred by the respondent assessee UTI Bank Ltd. and has held that the lease rental on the lease of certain assets' interest under the Interest Tax Act (hereinafter referred to as "Act") is not chargeable to the Revenue has preferred the present Tax Appeal raising the following substantial question of law.

(2.) Facts leading to the present Tax Appeal in nutshell are as under:

(3.) Shri Varun Patel, learned Advocate appearing on behalf of the appellant Revenue has vehemently submitted that the learned Tribunal has materially erred in deleting the addition of Rs.1,03,47,165/- on the amount of interest received by the assessee Bank while entering into the hire purchase agreement.