- (1.) The present appeal has been filed by the Department under Section 260A of the Income-Tax Act, 1961 against the judgment and order dated 11.05.2007 passed by the Income Tax Appellate Tribunal, Lucknow in Appeal No. I.T.A. No. 38/Luc/2007, for the assessment year 2000-01.
(2.) On 18.05.2010, the Department has moved an application (M.A. No. 55321 of 2010), where a prayer was made by the Department to amend the memo of appeal, which was wrongly pasted, and the same is allowed.
(3.) The brief facts of the case are that the assessee is a public limited company engaged in the business of manufacturing of asbestos sheet and allied products. Original assessment was made on 07.01.2003, which was finally assailed before the Tribunal and the Tribunal vide its order dated 22.07.2005 has remanded the matter back to the Assessing Officer (AO) to examine the issue pertaining to allowability of the interest. The AO has reiterated its earlier order, which was affirmed by the first appellate authority, but the Tribunal vide its impugned order has allowed the interest under Section 36(1)(iii) of the Act. Being aggrieved, the department has filed the present appeal.;