2004 (10) TMI 649

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....1. The Income Tax Appellate Tribunal, Delhi has referred the following question of law under section 256(2) 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, the Tribunal was justified in law confirming the deletion of Rs. 2,70,000 on account of interest on debit balance in the account....

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....l has failed. 3. We have heard Shri A.N. Mahajan, the learned standing counsel for the Revenue and Shri Rakesh Ranjan Agrawal appearing for the respondent and have perused the order of the Tribunal. The Tribunal has held that the respondent has foregone the interest on the debit balance of M/s. Dhampur Yeast Co. Ltd. considering its weak financial position and on commercial expediency. Briefly ....