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1982 (6) TMI 122
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....ation for adjournment was received, but the reasons given therein were not found to be sufficient to warrant adjournment of the case. The appeals are, therefore, being decided ex parte on merits. The assessee is a company which is owned by the Govt. of Assam. It derives income, inter alia, from interest from monwys lent. On certain loans the recovery of which becomes doubtful, the assessee credits....
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.... of the assessee's case were squarely covered by the aforesaid circular of the CBDT and, therefore, the ITO should not have assessed the same. 2. The ld. CIT(A), however, rejected the assessee's pleas by pointing out that the matter stood covered by the ratio of the decision of the Hon'ble Kerala High Court in the case of Catholic Bank of India vs. CIT (1964) KLT 653 and in that of State Bank o....