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of <h1>Tribunal Partially Allows Assessee's Appeal; Dismisses Revenue's Appeal on Interest and Loan Disallowances for AY 2003-04.</h1> <h3>The Basti Sugar Mills Co. Ltd. Versus Income-tax Officer, Ward 16 (3), New Delhi.</h3> The ITAT adjudicated cross appeals concerning CIT(A)'s order for A.Y. 2003-04. In the assessee's appeal, the Tribunal allowed claims for interest on ... - Issues involved: Cross appeals arising out of CIT(A)'s order for A.Y. 2003-04.Assessee's appeal (ITA no. 1603/Del/09):Issue 1 - Ground no. 1:The claim of the assessee for interest on excess sugar price for 1978-79 and 1979-80.- Assessee claimed interest accrued on deposits of excess sugar price not to be treated as income.- AO disallowed the claim citing previous disallowance.- CIT(A) directed AO to decide in accordance with ITAT's direction for A.Y. 1999-2000.- Tribunal found issue in favor of assessee based on earlier orders, allowed the claim.Issue 2 - Ground no. 2:Assessee's claim for interest liability on excess sugar price realization.- Assessee claimed exclusion of interest accrued from taxable income.- AO disallowed claim citing previous disallowance.- CIT(A) directed AO to decide in accordance with ITAT's direction for A.Y. 1999-2000.- Tribunal found issue in favor of assessee based on earlier orders, allowed the claim.Issue 3 - Ground no. 3:Disallowed claim of bad debt written off.- Assessee did not press this ground, so it was dismissed.Issue 4 - Ground no. 4:Treatment of interest income as income from other sources instead of business income.- Assessee's detailed arguments were not considered by CIT(A).- Tribunal deemed the ground premature, directed assessee to approach CIT(A) first.Revenue appeal (ITA no. 1785/Del/2009):Issue 1 - Ground no. 1:Disallowed interest on late payment of PF.- AO made disallowance based on previous assessment.- CIT(A) deleted the disallowance.- Tribunal upheld CIT(A)'s decision based on previous orders.Issue 2 - Ground no. 2:Disallowed interest on interest-free loans to bodies corporate.- AO made disallowance based on previous assessment.- CIT(A) deleted the disallowance.- Tribunal upheld CIT(A)'s decision based on previous orders.In conclusion, assessee's appeal was partly allowed, and revenue's appeal was dismissed.
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