2014 (2) TMI 566

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pondent : W. U. Ahmed ORDER The appeal preferred by the Revenue against the judgement and order dated 27.06.2005 passed by the Income Tax Appellate, Tribunal in Income Tax Appeal No. 394/ALLD/94, ITA No. 431/ALLD/94, ITA No. 515/ALLD/95 and Income Tax Appeal No. 688/ALLD/95. This Court admitted the appeal on the substantial question of law framed as question Nos. 1,2, 5 & 6 which are quoted ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on the amount due from its agent M/s Sahara India, even though the respondent was a finance company and its business was earning of income by investing its funds? 6. Whether, in view of the facts and in the circumstances of the case, the Hon'ble ITAT erred in holding that interest income of Rs.2,80,37,045/- did not arise to the assessee due to non charging of interest on amount due from its sis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ibunal after considering the order of this Court passed in the case of CIT Vs. M/s Sahara Investment India Ltd. 266 ITR 641 held that the Administrative and Process Charge credited by the assessee for both the assessment years in its profit and loss account are not the Revenue receipt of the assessee. At this stage also the learned counsel of the Revenue does not dispute the aforesaid proposition ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... establish it, the Appellate Tribunal restored the file of Assessment Officer with the direction to the Assessment Officer to consider on the basis of evidence as may be furnished by the assessee as to whether the assessee for the assessment year 1990-1991 and 1991-1992 was having interest free advances, more than interest free advances given by it, and no interest bearing fund was utilized to giv....