COMMISSIONER OF INCOME-TAX Vs. LIBERTY FOOTWEAR COMPANY

JUDGEMENT

(1.) This is an appeal by the Revenue against the order dated April 23, 2004, passed by the Income-tax Appellate Tribunal, New Delhi (for short, "the Tribunal"), in M.A. No. 165/Del/2003 in I.T.A. No. 5317 (Del) of 1994, for the assessment year 1992-93 raising the following substantial question of law: Whether, on the facts and the circumstances of the case, the Income- tax Appellate Tribunal was correct in law in directing the Assessing Officer to allow netting in interest for computing deduction under Section 80HHC of the Income-tax Act?

(2.) Notice in this case was issued on July 18, 2005, and the service was effected for November 7, 2005. However, none has put in appearance on behalf of the respondent.

(3.) We have proceeded to decide the case on the merits for determination of the abovereferred substantial question of law because, in our opinion, the same does arise in the appeal and further that this Court had already opined on the issue in Rani Paliwal v. CIT against the assessee.