Commissioner Of Income Tax vs Chuni Lal & Sons
2000 Latest Caselaw 816 Del

JUDGMENT

Arijit Pasayat C. J.

At the instance of the revenue, the following question has been referred under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "Act"), for the opinion of this court by the Income Tax Appellate Tribunal. Delhi Bench "C" (hereinafter referred to as "the Tribunal") :

"Whether, on the facts and in the circumstances of the case the Tribunal was justified in following its order dated March 28, 1974, in the case of the assessee for the assessment year 1965-66 and thereby allowing interest of Rs. 2,400 claimed as a deduction by the assessee on the loan of Rs. 20,000 in the name of Smt. Shanti Devi, in its books ?"

We have heard learned counsel for the revenue. None appears for the assessee in spite of notice.

2. The Tribunal for its decision relied on the decision of this court in Raman Lal v. Income Tax Officer (1975) 98 ITR 681. In view of the fact that the apex court was overruled the said judgment of this court in Jamunaprasad Kanaiyalal v. CIT (1981) 130 ITR 244, the answer to the question has to be in the nega. tive, in favour of the revenue and against the assessee. Ordered accordingly.

2. The Tribunal for its decision relied on the decision of this court in Raman Lal v. Income Tax Officer (1975) 98 ITR 681. In view of the fact that the apex court was overruled the said judgment of this court in Jamunaprasad Kanaiyalal v. CIT (1981) 130 ITR 244, the answer to the question has to be in the nega. tive, in favour of the revenue and against the assessee. Ordered accordingly.

The reference stands disposed of.