CIT Vs. RAMDASS SARRAF

JUDGEMENT

(1.) BY this appeal, the revenue seeks to challenge the order of the Tribunal dated 31 -3 -2003. While framing various substantial questions of law, however, by order dated 20 -9 -2004, the appeal was admitted on the following substantial question of law:

(2.) IT is contended by the learned Counsel for the revenue, while inviting our attention to the finding recorded at page 24 of the order by the assessing officer, who has clearly recorded that it was admitted by the assessee that he has been charging interest at the rate of 1.5 per cent per month on outstanding debtors, notwithstanding this, the learned Commissioner (Appeals) and the Tribunal have totally deleted the addition, made on account of interest, which is bad.

(3.) WE have considered the submissions, and have gone through the orders of the assessing authority, appellate authority, and that of the Tribunal.