ITO Vs. PHUL CHAND KACHUR LAL

JUDGEMENT

(1.) THIS is an appeal filed by the revenue (CIT) under section 260A of the Income Tax Act against an order dated 29 -10 -1998, passed by Tribunal in ITA No. 1083/Ind/1994. This appeal was admitted for final hearing on following substantial question of law by this court on 8 -5 -2000: 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the interest on the debit balance in the accounts of the partners and the members of the family concerned even when no interest was charged by the assessee -firm ?'

(2.) ' Record perused, because none appeared for the parties despite notice of the appeal.

(3.) AS a matter of fact, the revenue itself has conceded before the Tribunal that the issue has already been decided against the revenue in the case of this very assessee in the earlier years by the Tribunal and no appeal/reference was taken to this court. In other words, when the issue sought to be raised in this appeal was already decided against the revenue in the earlier years by the Tribunal and it is in the light of that decision, if CIT (A) for the year in question gives relief to the assessee, then revenue ought not to have filed the appeal arising out of this case.