COMMISSIONER OF INCOME TAX Vs. SHRIRAM INVESTMENTS (FIRM)

JUDGEMENT

(1.) The Revenue is the appellant. The assessment years involved are 1992-1993 to 1994-1995.

(2.) These appeals are filed challenging the order of the Income Tax Appellate Tribunal 'B' Bench, Chennai, dated 27.1.2006 made in I.T.A.Nos.550, 551 and 552/Mds/1997 for the assessment years 1992-1993, 1993-1994 and 1994-1995 respectively.

(3.) The facts in a nutshell are as under: The assessee is a partnership firm engaged in the business of advancing loans and earning income from hire purchase financing, besides investments in shares and debentures. The assessee borrowed funds and invested the same in shares and debentures. The assessee treated the interest arising out of such investments as income from business and claimed deduction under Section 36(1)(iii) of the Income Tax Act, 1961.