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TMI Blog2007 (11) TMI 676X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal which is impugned in the present appeal. Since we are dismissing the appeal by placing reliance upon the Judgment in CIT vs. Paul Brothers [ 1992 (10) TMI 5 - BOMBAY HIGH COURT] we do not deem it necessary to go into the issue as to whether the activities carried out by the assessee in dairy division constitute manufacturing activities or not. We do not deem it necessary to refer to several authorities relied upon by Mr. Parchure in support of the submission that the activities carried out by the assessee are not manufacturing activities. Interest on cash credit - HELD THAT:- We find that the Tribunal was justified in relying upon its own order by which addition made by the assessing officer was held to be unwarran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 ITR 548). 4. In so far as disallowance of interest on cash credit is concerned, the Tribunal observed that in the assessment year 1997-98 the assessee had challenged addition made by the assessing officer under Section 68 on account of the said cash credit and that Tribunal in its order dated 27.6.2003 had held that addition made by the assessing officer was not warranted. The Tribunal upheld the order of CIT (A) deleting the said addition made in assessment year 1997-98. The Tribunal, therefore, held that the basis on which the interest was disallowed by the assessing officer in the year under consideration no more survived and consequently interest paid by the assessee on the concerned cash credit was held to be genuine and accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for subsequent assessment years. 7. In so far as the deduction claimed by the assessee in respect of the payment of interest on cash credit is concerned, Mr. Dewani submitted that Tribunal was right in holding in favour of the assessee in view of its order dated 27.6.2003 by which appeal filed by the assessee for the assessment year 1997-98 was allowed. He further submitted that no substantial question of law is involved in the present appeal and, therefore, the appeal deserves to be dismissed. 8. Having considered the submissions made by the learned counsel for the parties and having perused the record we find no merit in the present appeal. The Tribunal was legally justified in placing reliance upon the judgment in CIT vs. Paul Br ..... X X X X Extracts X X X X X X X X Extracts X X X X
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