2008 (1) TMI 551

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..... nterest of the revenue. In this case Karnataka High Court is allowed the appeal and remanded the matter to the Assessing Officer. - 242 of 2003. - - - Dated:- 9-1-2008 - DEEPAK VERMA and K. L. MANJUNATH JJ. M. V. Seshachala for the appellants. S. Parthasarathi for the respondent. JUDGMENT The judgment of the court was delivered by 1. L. MANJUNATH JJ.— This appeal is by the Re .....

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..... her the Commissioner was correct in holding that the lease rentals received by the assessee of Rs.14,20,53,000 which was allowed by the Assessing Officer was erroneous and prejudicial to the interests of the Revenue as the transaction was a pure finance transaction and the amount received was interest which was liable to the Interest-tax Act." 2. We have heard the learned counsel for the parti .....

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..... tions of law framed therein and remand the matter to the Assessing Officer and direct the Assessing Officer to keep the matter in abeyance till the orders are passed by the Settlement Commission and depending upon the outcome of the result of the Settlement Commission, the Assessing Officer after hearing the parties shall pass an appropriate order. 5. Accordingly, the appeal is allowed and rem .....

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