2014 (12) TMI 633

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.... JUDGMENT (Delivered by R. Sudhakar,J.) This Tax Case (Appeal) is filed by the Revenue as against the order of the Income Tax Appellate Tribunal raising the following substantial question of law: " Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in merely remitting the issue of disallowance of interest and finance charges, back to the assessin....

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....eved by the said order, the assessee once again went before the Income Tax Appellate Tribunal. 3. The Tribunal relying upon its decision in respect of the very same assessee for the previous assessment years, allowed the appeal filed by the assessee. For better clarity, the relevant portion of the order of the Tribunal reads as follows: "6. We have perused the orders and heard the rival cont....

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....erefore, in our opinion, the matter requires a re-visit by the A.O., since the earlier orders which were relied on having been quashed. Therefore, we set aside the orders of the authorities below and remit the issue regarding disallowance made on the interest debited by the assessee in its Profit and Loss account, back to the Assessing Officer for fresh consideration in accordance with law. Needle....

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.... the materials placed before this Court. 7. The main issue in this case is whether the interest and finance charges are an allowable deduction. This issue was already a subject matter of appeal before the Tribunal. The Tribunal in respect of the assessment years 2000-01, 2001-02 and 2003-04 dismissed the appeals filed by the Revenue on the ground of limitation and not on merits. In such view of....