2017 (8) TMI 621

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....T 1. By this reference under Section 256 (1) of the Income Tax Act, 1961 (the Act), the Income Tax Appellate Tribunal seeks our opinion on the following questions of law:- "(1) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in sustaining the deletion of Rs. 2,09,68,300/- by the CIT(A) on account of interest free loan given to Andhra Pradesh Rayons Li....

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....ome Tax Reference No.3 of 1995 in which we have passed an order today. Both question Nos. 1 and 2 as framed herein were answered in the affirmative i.e. in favour of the respondent-assessee and against the applicant-revenue in Income Tax Reference No.3/1995. It is an agreed position between the parties that there is no change in facts and law and the decision in I.T.R.No.3 of 1995 would govern the....