2003 (9) TMI 33

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....he facts are being taken from Income-tax Appeal No. 80 of 2002. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against the order dated September 28, 2001, passed by the Income-tax Appellate Tribunal whereby the appeal filed by the Department was allowed and the order of the Commissioner of Income-tax (Appeals) set aside and that of the Assessing Officer restored. The petitioner filed its return of income for the assessment year 1992-93 under section 139(1) of the Act, declaring a loss of Rs. 6,95,63,045.72. While computing the loss declared in the return a sum of Rs. 1,48,38,263.88 was claimed as interest which was payable to the creditors and a deduction to this effect was claimed in the....

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....e legal position as well as the material or evidence enclosed with the return and that he cannot travel beyond the return filed by the assessee. The Tribunal also found that law requires that the assessee should furnish with its return evidence of actual payment of interest to the creditors before a deduction could be claimed under section 43B. Since the amount was shown in the return as payable to the creditors, the Tribunal held that such an adjustment could be made by the Assessing Officer by deleting the deduction claimed by the assessee. Accordingly, the order passed by the Assessing Officer was restored and that of the Commissioner (Appeals) set aside. It is against this order that the present appeal has been filed by the assessee. ....