2017 (8) TMI 725

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....GEMENT By this reference under Section 256(1) of the Income Tax Act, 1961 (the Act), the Income Tax Appellate Tribunal seeks our opinion : "(i) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in sustaining the deletion of Rs. 1,19,81,900/by the CIT (Appeals) on account of interest free loan given to Andhra Pradesh Rayons Limited? (ii) Whether on th....

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....etween the parties that identical questions were raised for consideration by the Revenue in Income Tax Reference No.3/1995 relating to the same respondent/assessee. On 13th July, 2017 this Court by reasoned order decided both the aforesaid questions in favour of respondent/assessee and against appellant/Revenue. (b) Therefore, in view of the reason stated in the order dated 13.07.2017 in Income ....

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....e raised in the present reference stands concluded in view of decision in Reliance Infrastructure Ltd. in I.T.R. No.75/1998 (supra). (c) In the above view, question No.3 is answered in the affirmative i.e. in favour of respondent/assessee and against the appellant/Revenue. 5. Regarding question No.4 : (a) Mr. Dewani, learned counsel appearing for the respondent/assessee, very fairly states th....