LAWS(GJH)-2008-1-39

COMMISSIONER OF INCOME-TAX Vs. L N TALKIES

Decided On January 29, 2008
COMMISSIONER OF INCOME-TAX Appellant
V/S
L N TALKIES Respondents

JUDGEMENT

(1.) INCOME-TAX Appellate Tribunal, Ahmedabad 'b' has referred the following question under Section 256 (2) of the Income-tax Act,1961 ("the Act") :

(2.) THE Assessment Year is 1981-82 and the issue relates to the Assessment framed pursuant to the order made by the Commissioner of Income-tax (CIT)in exercise of revisional jurisdiction under Section 263 of the Act. The Tribunal has held that the action of the Assessing Officer in disallowing the interest payment pursuant to the order of CIT under Section 263 of the Act is unwarranted. This finding has been recorded by the Tribunal on the basis of its earlier order in quantum proceedings.

(3.) IT is not necessary to set out the facts and contentions in detail for the simple reason that today by a separate Judgment rendered in ITR No. 28 of 1995 in earlier round of proceeding for the very same Assessment Year the order of Tribunal has been up-held. As a consequence the question referred in the present Reference is required to be answered in affirmative i. e. in favour of the assessee and against the revenue. Reference stands disposed of accordingly. There shall be no order as to costs.