2002 (8) TMI 72 - HC - Income Tax

Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in upholding the decision of the Deputy Commissioner (Appeals) deleting the interest charged under section 139 and section 215 for the assessment year 1974-75? - Deputy Commissioner (Appeals) has given cogent reasons for deleting the levy of interest. We do not find any justification at all for this reference. However, as the assessee is not represented before us, we refrain from awarding costs. The question referred to us is answered against the Revenue and in favour of the assessee.

Summary

The High Court of Madras ruled in favor of the assessee, a cement pipes manufacturer, regarding the deletion of interest charged under sections 139 and 215 for the assessment year 1974-75. The court found the assessee's income estimate reasonable based on business turnover, upholding the decision of the appellate authority and Tribunal. The reference by the Revenue was not justified.