2008 (4) TMI 305

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....gment of the court was delivered by Madan B. Lokur J.- The Revenue is aggrieved by an order dated September 30, 2005, passed by the Income-tax Appellate Tribunal, Delhi Bench "G", in ITA Nos. 3998/Del/2003 and 4025/Del/2002 relevant for the assessment years 2001-2002 and 1998-99, respectively. 2. The assessee had given an intercorporate deposit on September 22, 1995, to M/s. Padmini Polymer ....

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....tition, the learned company judge passed certain directions as a result of which PPL made payments to the assessee and eventually, the entire principal amount of Rs. 1 crore was received by the assessee some time by December, 2005. The assessee also received interest of Rs. 1,01,000 for the entire period. 5. According to the assessee, the interest amount due for this period was not liable to be....

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....terfere since no substantial question of law arises for consideration and no perversity has been shown in the view taken. 8. This apart, learned counsel for the assessee has submitted on the merits, relying upon CIT v. Ferozepur Finance P. Ltd.  [1980] 124 ITR 619 (P & H), that income-tax is levied on income and it is of no consequence whether the accounts are maintained on a mercantile sy....

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....adopted by the assessee. Other facts are also relevant and necessary to be looked into. 11. Finally, learned counsel relied upon CIT v. Annamalai Finance Ltd. [2005] 275 ITR 451 (Mad). According to this decision, it appears that whenever any amount is due and it is not paid at the relevant time, it could be treated as a debt which is not recoverable. We do not think that such a broad propositio....