1989 (8) TMI 52

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....(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The material facts giving rise to this application, briefly, are as follows : During the course of the assessment of the assessee for the assessment year 1972-73, the Income-tax Officer rejected the contention urged on behalf of the assessee that interest amounting to Rs. 68,641 should not be included in the total income of t....

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....conclusion that the financial position of the debtors was not sound or that the interest had become irrecoverable or that on account of commercial expediency, the assessee was compelled to waive interest during the year in question. The Tribunal also held that there was no agreement between the parties by which the assessee had agreed not to charge any interest. Learned counsel for the assessee co....