TMI Blog2002 (2) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... in deleting the same. - - - - - Dated:- 14-2-2002 - Judge(s) : R. K. ABICHANDANI., K. A. PUJ. JUDGMENT The judgment of the court was delivered by K. A. Puj J. -At the instance of the Revenue, the following question of law is referred by the Income-tax Appellate Tribunal for our opinion for the assessment years 1981-82 and 1982-83: "Whether, on the facts and in the circumstances of the case, the deletion of Rs. 4,726 and Rs. 3,544 being interest on deferred sale consideration was justified?" While framing the assessment order for the assessment year 1981-82, the Income-tax Officer has brought to tax an amount of Rs. 4,726 being the interest on deferred sale consideration charged at the rate of 11 percent per annum. The Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the assessee placed before us a copy of the order of the Tribunal in the assessee's own case for the assessment years 1979-80 and 198081 (I. T. A. Nos. 1137 and 1138/Ahd of 1984, dated February 15, 1985) and pointed out that the decision of the Tribunal on a similar point which came up for its consideration for those years was in favour of the assessee. He, therefore, urged that Rs. 4,726 should be deleted from the total income of the assessee. In this connection, he also pointed out that the Commissioner (Appeals) relied on his appellate orders for the immediately preceding two years. The learned representative for the Department, on the other hand, relied on the orders of the income-tax authorities. 4. We have consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect from July 1, 1979, instead of July 1, 1978. Even as per this revised agreement, the interest is chargeable on accrued basis after July 1, 1979, and the Income-tax Officer, has rightly observed in his assessment order for 1981-82. This material aspect of the above ratio was totally lost sight of by the Tribunal while allowing the appeals of the assessee for the assessment years 1981-82 and 1982-83. The Tribunal has, therefore, grievously erred in deleting the interest charged by the Income-tax Officer on accrual basis even as per the modified agreement for the assessment years 1981-82 and 1982-83. We are, therefore, of the opinion that the Tribunal has committed an error in deleting the interest of Rs. 4,726 and Rs. 3,544 being interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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