- (1.) Income tax appeal No. 32 of 2002, ITA No. 77 of 2002, ITA No. 78 of 2002, ITA No. 79 of 2002, ITA No. 366 of 2012, ITA No. 368 of 2012, ITA No. 369 of 2012, ITA No. 370 of 2012, ITA No. 371 of 2012, ITA No. 76 of 2002, ITA No. 289 of 2012 filed by the Revenue raise a common substantial question of law. The Appeal No. 367 of 2012 (earlier defective no. 23 of 2002) is being taken up as a leading appeal which was admitted on 1.5.2007 on the following substantial question of law : "1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was legally justified in holding that hire purchase transactions of the assessee were not loan transactions despite admitted facts on assessee's records that it was not a trading company and finance charges have been shown as revenue receipts and auditors certification that assessee has followed norms issued by Reserve Bank of India for Non-Banking finance Companies (NDFC) -
(2.) The Income Tax Appeal No. 109 of 2002 (AY 1995-96), Appeal No. 247 of 2012 (AY 1996-97) and Appeal No. 246 of 2012 (AY 1997-98) have been filed by the assessee questioning the legality of reassessment proceeding under Section 10 of the Interest Tax Act, 1974 (in short the Act of 1974).
(3.) The appeals arise out of common order dated 28.9.2001 passed by the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as ITAT) relating to assessment years 1992 -93, to 1997 -98 filed by the respondent assessee.;