2010 (3) TMI 291

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..... RACHUD AND J.P.DEVADHAR, JJ. ORAL JUDGMENT (PER DR. D.Y.CHANDRACHUD. J.) 1) The appeal by the Revenue against the order of the I.T.A.T. dated 24th October, 2008 raises the following questions of law:- A) Whether on the facts and in the circumstance of the case and in law the Tribunal was justified in allowing the claim of the assessee Company of interest amounting to Rs.26,80,942/- even thoug .....

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..... 89 crores from Hindustan Lever Ltd. The loan was utilized for discharging the sales tax liability for an earlier assessment year, 1997-1998. The Tribunal noted that the Assessing Officer computed the income of the assessee under the head of business income and the loan was taken for making payment of sales tax due by the assessee on account of the business activity. Consequently, the Tribunal held .....

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