9911796707
TMI Blog2004 (6) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal came to a conclusion that the transaction in question is a genuine one then in such case, the same had to be given effect to as it is. The Tribunal, therefore, was justified in deleting the addition made by the Assessing Officer and the Commissioner of Income-tax (Appeals) relating to Rs. 88,919 and Rs. 97,309 as an assumed amount of interest said to have been earned by the assessee. - a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to admit the appeal? It is not in dispute that the pre-requisite of admitting any appeal under section 260A of the Income-tax Act is to find out involvement of substantial question of law. Heard Shri R.L. Jain, learned counsel for the appellant. Having heard learned counsel for the appellant and having perused the record of the case, we are of the view that the appeal does not involve any subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al condition of the sister concern to whom the loan was advanced was not very sound and hence under these circumstances, if the assessee has not charged the interest or has charged lower rate of interest then the same cannot be said to be either illegal or to evade any payment of income-tax. We concur with this finding of the Tribunal as in our opinion no substantial question of law arises to ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that the transaction in question is a genuine one then in such case, the same had to be given effect to as it is. The Tribunal, therefore, was justified in deleting the addition made by the Assessing Officer and the Commissioner of Income-tax (Appeals) relating to Rs. 88,919 and Rs. 97,309 as an assumed amount of interest said to have been earned by the assessee. No other issue was urged by l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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