COMMISSIONER OF INCOME-TAX Vs. GOYAL'S INTERNATIONAL HOTELS AND RESORTS LTD. (FORMERLY MUMTAX HOTELS LTD

JUDGEMENT

(1.) THIS appeal is filed under Section 260A of the Income -tax Act, 1961 by the Revenue against the order of the Income -tax Appellate Tribunal, Madras, 'C' Bench dated April 24, 2003, passed in I.T.A. No. 1901/Mds/98. On November 11, 2003, this Court admitted the appeal and formulated the following substantial question of law.

(2.) THE facts leading to the above substantial question of law are as under:

(3.) LEARNED standing counsel appearing for the Revenue submitted that the Tribunal is wrong in holding that the interest income not returned by the assessee cannot be assessed to tax on the reassessment proceedings on the ground that the tax has been deducted at source. Further it is submitted that the tax deducted at source will not absolve the assessee from returning the correct income.