2008 (8) TMI 10

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....TICE MADAN B. LOKUR HON'BLE MR. JUSTICE J.R. MIDHA   MADAN B. LOKUR, J. (ORAL) The Revenue is aggrieved by an order dated 28th September, 2007 passed by the Income Tax Appellate Tribunal, Delhi Bench 'E?, New Delhi (the Tribunal) in ITA Nos. 198 and 1999/D/2004 relevant for the Assessment Years 1998-99 and 2001-02. The present appeal is only against the order passed by the Tribunal in IT....

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....is how, the Revenue is before us. We have heard learned counsel for the parties and find that the issue is squarely covered in favour of the Assessee in view of the decision of the Supreme Court in Commissioner of Income Tax v. Karnal Cooperative Sugar Mills Ltd., (2000) 243 ITR 2. In that case also the Assessee had deposited some money with the Bank for opening a letter of credit for the purchas....