2008 (7) TMI 390

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....e court was delivered by K. A. PUJ J. - The Revenue has preferred this Tax Appeal against the order passed by the Income Tax Appellate Tribunal for A.Y. 1987-88. The appeal was admitted by this court on 11.2.2002 and the following questions of law were formulated by the court : "1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially....

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....see is a company in which public are substantially interested is decided in favour of the assessee and against the revenue. 4. Following the above judgment of this court, we answer the aforesaid question in favour of the assessee and against the revenue. 5. We have also decided Tax Appeal No. 241 of 2000 (Asst. CIT v. Emitici Engineering Ltd.), following the above decision of this court in I....

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....ing the estimate of advance-tax. At the same time, it cannot also be denied the fact that the assessee was under a bona fide belief that its status of a company in which public are substantially interested would be accepted. 7. Since the contention of the assessee is accepted by the Tribunal as well as by this court, there is no question of charging interest under sec. 215 of the Act. In any ca....