2010 (11) TMI 749 - HC - Income Tax

Whether on the facts and in the circumstances of the case the ITAT is legally correct in holding that in the present case no colourable device has been adopted by the assessee behind drafting the agreements between the assessee and the financial institution was to reduce the tax liability artificially of both the parties - counsel for the revenue fairly states that the matter is covered against the revenue by order of this Court in the case of M/s Punjab State Electricity Board (2009 -TMI - 34200 - PUNJAB AND HARYANA HIGH COURT) this appeal is dismissed.

Summary

The Punjab and Haryana High Court dismissed the revenue's appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal. The court found that the matter was covered by a previous court order and hence the appeal was dismissed.