2004 (10) TMI 646

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....d the following question of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court: "Whether on the facts and in the circumstances of the case and in view of section 40(b) of the Income Tax Act, 1961, a sum of Rs. 20,318, the amount of interest paid by the firm M/s. Bhagwati Prasad Ram Swarup to the credit of the loan ....

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....an appeal before the Appellate Assistant Commissioner who deleted the amount relying on a previous decision for the assessment year 1974-75. The revenue's appeal before the Tribunal has failed. 3. We have heard Sri A.N. Mahajan, the learned Standing counsel for the revenue, and Sri V.K Rastogi, leaned counsel appearing for the respondent-assessee. 4. It may be mentioned here that for the ass....