1990 (9) TMI 41

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....of the Revenue, the following question of law has been referred by the Income-tax Appellate Tribunal (in short, "the Tribunal") for the decision of this court : "Whether, on the facts and in the circumstances of the case, the rediscounting charges and the commission received on purchase of inland bills were not includible in the chargeable interest ?" The respondent is a banking company. We ....

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....n bills of exchange drawn or made in India coming within the definition of "interest" in the Interest-tax Act. In the appeals, the Commissioner of Income-tax (Appeals) followed the order of the Tribunal in I. T. A Nos. 3(Coch/1978-79, dated, March 20, 1981, and held that the aforesaid amounts were not includible in the chargeable interest. I. T. A. No. 3(Coch)/1978-79 is case where the Federal Ban....

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....e Bank of India and the financing institutions in that case cannot be taken as deductions from out of what was earned by the assessee and it was a case where the Reserve Bank and the financing institutions on the one hand and the assessee on the other, were sharing the profits in a certain ratio and the profits so earned by the Reserve Bank of India and the financing institution never accrued to t....

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.... the earlier decision of the Tribunal in I. T. R. No. 3(Coch)/1978-79 to hold that the commission received on purchase of inland bills was not includible in the chargeable interest, along with the statement of the case, the earlier decision of the Tribunal, rendered in I. T. A. No. 3(Coch)/1978-79 has not been forwarded as an annexure. We are not in a position to inform ourselves about the reasoni....