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2005 (1) TMI 713

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..... lhi) (for short the Tribunal ) has referred the following question of law arising out of its order dated 26-9-1994 relating to assessment year 1988-89 for the opinion of this Court :- Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding the guarantee commission paid to Canara Bank against purchase of machinery through IDBI as .....

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..... ointed out that the decision of the Andhra Pradesh High Court in Akkamba Textiles Ltd. s case (supra) stands affirmed by the Supreme Court, as the appeal against the same has been dismissed in Addl. CIT v. Akkamamba Textiles Ltd. [1997] 227 ITR 464. 6. In view of the above, we answer the question in the negative, i.e., in favour of the Revenue and against the assessee. - - TaxTMI - TMITax .....

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