ASSTT. CIT-II Vs. EMMTICI ENGG. LTD.

JUDGEMENT

(1.) THE revenue has preferred this Tax Appeal against the order passed by the Income Tax Appellate Tribunal for assessment year 1987 -88. The appeal was admitted by this court on 11 -2 -2002 and the following questions of law were formulated by the Court: 1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially erred in law and on facts in holding that the assessee -company should be treated as a company where the public is substantially interested and a Public Limited Company?

(2.) WHETHER , on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially erred in law and on facts in deleting the interest charged under Section 215 of the Income Tax Act. 2. At the time of admission of this appeal, the court had directed that the appeal is to be heard with Income -tax Reference No. 57/1998 and Tax Appeal No. 241/2000.

(3.) FOLLOWING the above judgment of this Court, we answer the aforesaid question in favour of the assessee and against the revenue.