9911796707
TMI Blog2002 (9) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Act, 1961 (for short "the Act"), is directed against the order, dated October 12, 2001, passed by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), in I.T.A. No. 5425/Delhi of 1995. Briefly stated, the material facts are: During the course of assessment proceedings pertaining to the assessment year 1984-85, the Assessing Officer noticed that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Appellate Tribunal (in I.T.As. Nos. 594/Delhi of 1989 and 1438/Delhi of 1989) set aside the said disallowance and remanded the case back to the Assessing Officer to reconsider the issue in the light of certain directions contained in the said order. On reconsideration, the Assessing Officer took the same view, which had been taken earlier. Aggrieved, the assessee preferred appeal to the Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal after noticing the movement of the loan amount inter se between the assessee, Jolly Bawa and Associates and one Laxmi Chand Bhagyaji, has upheld the view taken by the Commissioner (Appeals). The Tribunal has noted that there is no dispute between the parties that certain changes were made in the aforenoted agreement by mutual consent. Hence, the present appeal. It is submitted by Mr. Pandey ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly on the short ground that in view of the aforenoted restriction against change in terms, the original agreement could not be ignored. The Tribunal has come to the conclusion that there was no element of collusiveness in the parties agreeing to vary the terms of the initial agreement. We are of the view that this conclusion is essentially factual. The issue raised by the Revenue cannot be said t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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