2015 (9) TMI 227

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..... n appeal against a judgment and order dated 15th March, 2013 passed by the Appellate Tribunal dismissing an appeal preferred by the revenue. The facts and circumstances, briefly stated, are as follows: For the assessment year 2005-06 a notice under Section 148 of the Income Tax Act, hereinafter referred to as the said Act, was issued on 26th August, 2009. The reasons for reopening indicated in th .....

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..... that the assessee contended that no tax was deductible at source for the following reasons: "The holding company is utilizing the money on account of the back-to- back loan availed by BCL. In other words, due to the restructuring of the company from time to time and as BIL has stood as a guarantor for loan utilized from the Bank. In essence, the company BIL is paying the interest on the loan .....

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..... ove, endorsed the views taken by the CIT(A). In the circumstances, the revenue has come up in appeal before this Court. Whether the power under Section 148 was exercised by the Assessing Officer due to any change of opinion or the income had really escaped assessment was essentially a question of fact. The contention of the assessee was that tax was not deducted because it was not deductible. The .....

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