2017 (8) TMI 1530

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.... The above appeal relate to Assessment Year 2011-12. This appeal arise out of the order dated 10.08.2015 of the Commissioner of Income Tax (Appeals) - 05 [hereinafter referred to as the CIT(A)] relevant to assessment year 2011-12. 2. During the course of hearing, Ld. AR submitted that issue in controversy regarding recognised the national interest income on outstanding debt when the interest ....

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....orders of the Revenue Authorities as well as the paper books filed before us. On hearing both the parties and on perusal of the relevant material placed before us, we find, there is no dispute on the facts about the assessee acquiring the debts from the Bank of Baroda for a sum of Rs. 84,97,400/- with the borrowed funds, the loan creditors have not paid interest income to the either bank or to the....

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....ate not exceeding six per cent per annum, as the Court deems reasonable on such principal sum], from the date of the decree to the date of payment, or the such earlier date as the court thinks fit. [Provided that where the liability in relation to the sum so adjudged had arisen out of a commercial transaction, the rate of such further interest may exceed six per cent per annum, but shall ....

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....ve refused such interest, and a separate suit therefor shall not lie." 12. We have also examined the interpretation of the said section and the relevant explanation is already incorporated in the above paras of this order. We have considered the cited judgment of the Hon'ble Jurisdictional High Court in the case of Maharashtra State Financial Corporation Ltd. (supra). Further, we have als....