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2020 (9) TMI 156 - HC - Income TaxAccrual of income - Actual oweners of income - Application of income / Diversion of Income - Addition of interest from the deposits made for and on behalf of PHRC alleging there was no obligation to pay interest to PHRC by the appellant - Tribunal not allowing the claim of interest - singular contention that the Tribunal while deciding the appeal has failed to consider the terms and conditions of the agreement and therefore, the matter be remitted to the Income Tax Appellate Tribunal for decision afresh. - HELD THAT:- It is not necessary for us to examine on merits the substantial questions of law framed by a bench of this court. Admittedly, it is the contention of the assessee that under the relevant clauses of the agreement, the interest earned on capital bond was required to be paid to Prestige Holiday Resorts Company Ltd. However, the Tribunal while passing the impugned order has failed to consider the terms and conditions of the agreement. The impugned order passed by the Income Tax Appellate Tribunal is therefore, set aside and the matter is remitted to the Tribunal for decision afresh in accordance with law pertaining to Assessment years 1997-98 to 2000-01, 2002-03 to 2004-05.
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