TMI Blog2007 (8) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... l No. 314 of 1999 - - - Dated:- 16-8-2007 - JUDGMENT 1. The present appeal has been filed under section 260A of the Income-tax Act, 1961, (hereinafter referred to as "the Act"), arising out of the order of the Income-tax Appellate Tribunal, Allahabad, dated June 7, 1999. It has been admitted vide order dated December 8, 2006, on the following substantial question of law: "Whether, on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und that the respondent-assessee had not charged any interest during the previous year relating to the assessment year in question from M/s. Gee Key Consumers Products Pvt. Ltd., Delhi, to which a sum of Rs. 8,38,793 had been advanced. During this year it had made a further advance of Rs. 1,00,000 and had received interest of Rs. 6,933 from the said company. The Assessing Officer while passing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est in the entire year. 6 It has come on record that the financial position of M/s. Gee Key Consumers Products Pvt. Ltd. had become bad and it was agreed between the assessee and the said company that no further interest would be charged and in order to recover the amount the company will sell its land to the respondent-assessee for a sum of Rs. 12,00,000 and after adjusting the debit balance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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