2017 (8) TMI 725

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...., Advocate for the Respondent. JUDGEMENT 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 Andhr....

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.... 3. Regarding question Nos.1 and 2 : (a) It is an agreed position between 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. ....

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....a) would not cover the facts arising in the present reference. However, he does concede that the issue 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 ....