2003 (3) TMI 730

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....is referred to this Court as per the directions issued in the judgment dated 27-3-1998 in O.P. No. 16499/1997: "Whether, on the facts and in the circumstances of the case, the assessee is entitled to set off the interest payable on the loans against the interest on the fixed deposits ?" 2. The brief facts necessary for the decision on the above question of law is as follows: The respon....

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....osits. In appeal by the department, the Tribunal confirmed the order of the Deputy Commissioner (Appeals) relying on the decision of the Andhra Pradesh High Court in the case of CIT v. Andhra Farm Chemicals Corpn. [1988] 171 ITR 6601 . 3. We have heard the learned Central Government Standing Counsel appearing for the applicant. Though notice was served on the respondent, there is no appearance.....