2002 (9) TMI 83

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....Revenue under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against the order, dated October 12, 2001, passed by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), in I.T.A. No. 5425/Delhi of 1995. Briefly stated, the material facts are: During the course of assessment proceedings pertaining to the assessment year 1984-85, ....

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....e order dated March 17, 1992, the Income-tax Appellate Tribunal (in I.T.As. Nos. 594/Delhi of 1989 and 1438/Delhi of 1989) set aside the said disallowance and remanded the case back to the Assessing Officer to reconsider the issue in the light of certain directions contained in the said order. On reconsideration, the Assessing Officer took the same view, which had been taken earlier. Aggrieved,....

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....er in further appeal to the Tribunal. The Tribunal after noticing the movement of the loan amount inter se between the assessee, Jolly Bawa and Associates and one Laxmi Chand Bhagyaji, has upheld the view taken by the Commissioner (Appeals). The Tribunal has noted that there is no dispute between the parties that certain changes were made in the aforenoted agreement by mutual consent. Hence, the p....

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....rangement but had rejected the assessee's claim only on the short ground that in view of the aforenoted restriction against change in terms, the original agreement could not be ignored. The Tribunal has come to the conclusion that there was no element of collusiveness in the parties agreeing to vary the terms of the initial agreement. We are of the view that this conclusion is essentially factual.....