9911796707
TMI Blog2009 (5) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Act, 1961 (hereinafter referred to as "the Act"), the Commissioner of Income-tax-II, Kanpur, has raised the following substantial questions of law: "Whether on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was legally justified in granting relief from out of addition made by the Assessing Officer under section 68 of the Income-tax Act, treating the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the order of the Income-tax Appellate Tribunal dated June 14, 2005. 3. The present appeal relates to the assessment year 1997-98. The respondent-assessee is a public limited company incorporated under the provisions of the Companies Act, 1956. It is a non-banking financial company registered with the Reserve Bank of India (RBI) and derives income from hire purchase business and leasing of tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the Revenue and Sri S. D. Singh, learned counsel for the respondent-assessee. 5. So far as the deletion of Rs. 1,75,000 and Rs. 13,00,012 made by the Commissioner (Appeals) in respect of the amount added by the assessing authority under section 68 of the Act is concerned, the Tribunal had noted the fact that Smt. Sheela Rani had a Tata Sumo on hire purchase from the respondent-assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had excluded the same as they related to non-performing assets as per the Reserve Bank of India (RBI), guidelines, which provided that the income relating to substandard assets/non-performing assets, which was outstanding for more than six months, was not to be treated as income/profits. The Tribunal further found that the respondent-assessee being a non-banking financial-company was bound to fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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