COMMISSIONER OF INCOME TAX Vs. VARDHMAN POLYTEX LTD.

JUDGEMENT

(1.) THE Revenue has approached this Court by filing the instant appeal under Section 260A of the IT Act, 1961 against the order of Tribunal, Chandigarh Bench 'B' Chandigarh, passed in ITA No. 657/Chd/1997 and ITA No. 710/Chd/1997, dt. 20th Aug., 2003 in respect of asst. yr. 1993 -94. It is claimed that the following substantial question of law would arise for determination of this Court: Whether on the facts and circumstances of the case, the Hon'ble Tribunal was justified in deleting the addition of Rs. 1,03,93,864 on account of interest by ignoring Expln. 8 to Section 43(1)? For the detailed reasons stated in our separate judgment delivered today in CIT v. Vardhman Polytex Ltd. IT Appeal No. 1 of 2003 reported at (2008) 214 CTR (P&H;)(FB) 561 - -Ed., the substantial question of law arising in the present appeal is answered in favour of the Revenue and against the assessee. The appeal is disposed of accordingly.