Case Law Details
Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the order of the Commissioner of Income Tax (Appeals) (CIT(A)) directing the Assessing Officer to delete the 12% interest charged by him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not the facts?
Held by High Court
(a) Mr. Kotangale, the learned counsel appearing for the Revenue very fairly states that this issue stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in CIT v/s. Tiptop Typography 368 ITR 330.
(b) In the above view, there is no reason for us to examine the impugned order of the Tribunal. Accordingly, the question as proposed does not give rise to any substantial question of law. Thus not entertained.
Editors Note
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