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TMI Blog2020 (10) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... tailed examination of the orders of the High Court of Delhi and other material has to be made and also, it is required to be examined, whether the interest payment was incurred for business purpose of the assessee or not. There is no perversity or erroneous approach on the part of the Tribunal in not granting an interim order sought for by the assessee. When the Tribunal has failed to exercise its discretion in granting an interim order, the High Court while testing the correctness of the said order, would consider as to whether there was any perversity in the approach of the Tribunal for the High Court to interfere by substituting its opinion. Present proceedings is not an appellate proceedings over and above the order passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 143(3) read with Section 254 of the Income Tax Act, 1961 ('the Act' for brevity) 2. Mr. R. Vijayaraghavan, learned counsel appearing for the petitioner/assessee, would vehemently contend that the Tribunal failed to appreciate the fact that as per the directions issued by the High Court of Delhi in its order dated 17.01.2013 in Company Petition No.292 of 2004 etc., as well as in the subsequent order dated 08.10.2018, the entire deposit amount together with the interest thereon belong to and had to be passed on to Canara Bank, New Delhi and hence no part of the money belonged to the petitioner/assessee. Further, it is contended that the petitioner/assessee had no right to receive either the Principal or the interest thereon in vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 17.01.2013, we find that there has been a long drawn litigation between the parties and the petitioner/assessee was also a party to the litigation. That apart, another order was passed by the High Court of Delhi on 08.10.2018. These orders were infact referred to in the earlier round of litigations between the parties and in the second round, after the Tribunal remanded the matter for fresh consideration, the matter was considered and the Assessing Officer had completed the assessment under Section 143(3) read with Section 254 of the Act by order dated 28.12.2018. 5. We find from the said order, there is a reference to the observations/directions issued by the High Court of Delhi. Since the assessment order was adverse to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court while testing the correctness of the said order, would consider as to whether there was any perversity in the approach of the Tribunal for the High Court to interfere by substituting its opinion. To be noted that the present proceedings is not an appellate proceedings over and above the order passed by the Tribunal. Infact, the assessee has chosen to invoke the extraordinary jurisdiction of this Court under Article 226 of the Constitution of India. The limits to which this jurisdiction can be extended, especially in taxation matters, are well defined. Thus, in the absence of any perversity in the impugned order, we are not inclined to interfere with the impugned order. 7. It is submitted by the learned counsel for the petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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