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Commissioner of Income-tax, (Central) , Ludhiana Versus Sobhag Textile (P.) Ltd.

2005 (1) TMI 713 - PUNJAB & HARYANA HIGH COURT

IT REFERENCE NO. 53 OF 1996 - Dated:- 18-1-2005 - N.K. SUD AND SATISH KUMAR MITTAL, JJ. D. S. Patwalia for the Applicant. ORDER N.K. Sud, J. - At the instance of the Revenue, the Income-tax Appellate Tribunal (Delhi Bench D New Delhi) (for short the .....

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ate Tribunal was right in law in holding the guarantee commission paid to Canara Bank against purchase of machinery through IDBI as not of capital nature?" 2. Before the Tribunal, Revenue had relied on the following judgments :- (a) Sivakami Mil .....

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at High Court in CIT v. Vallabh Glass Works Ltd. [1982] 137 ITR 3891 and CIT v. Bharat Suryodaya Mills Co. Ltd. [1993] 202 ITR 942 . 4. In view of the divergent opinions of the High Courts, the Tribunal applying the ratio of the decision of the Supre .....

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