2002 (7) TMI 2 - SC - Income Tax

Whether the Appellate Tribunal is right in directing the AO to allow adjustment of interest expenses to allow relief to the assessee with respect to the profit on sale of raw materials not to charge interest under sections 234B and 234C - questions sought to be raised constitute substantial questions of law and really call for at any rate consideration on the merits and decision by the High Court - appeal is therefore allowed the order of the High Court is set aside

Summary

The Supreme Court allowed the appeal against the Gujarat High Court's order, remitting the case back to consider substantial questions of law raised by the Revenue. The High Court was directed to reconsider the case on its merits.