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TMI Blog2022 (1) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel For the Respondent : Mr.N.V.Balaji JUDGMENT R. MAHADEVAN, J. This tax case appeal has been filed by the appellant / Revenue, challenging the order dated 27.04.2009 passed by the Income Tax Appellate Tribunal, Chennai -A Bench, in I.TA.No.464/Mds/2008, relating to the assessment year 2004-05. 2. By order dated 21.12.2009, this court admitted the aforesaid tax case appeal on the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while following its order for the assessment years 2001-02, 2002-03 and 2003-04 on this point and the decision of the ITAT in the case of two sister concerns has concluded to delete the impugned addition. As against the order of CIT(A), the Revenue filed appeal before the ITAT. By order dated 27.04.2009, the ITAT dismissed the appeal of Revenue, upholding the order of CIT(Appeals). Aggrieved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the admitted fact is that the assessee had taken over certain debts from M/s.Elgi Finance Ltd. and has offered a sum of Rs. 1,74,90,872/- and Rs. 87,45,435/- as interest received in respect of the debts in the same assessment years. The same have been assessed to tax. Out of the total debts, a sum of Rs. 81.00 lakhs and Rs. 53.00 lakhs have been collected back in the present assessment years and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actual position. In the light of the same, the second substantial question of law is also answered in favour of the assessee and against the Revenue. " 5 In the light of the aforesaid judgment, which holds good to the case of the assessee, the substantial question of law involved in this appeal is answered in favour of the assessee and against the Revenue. 6. In the result, the Appeal of the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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