- (1.) Heard Sri Suyash Agarwal and Sri Gaurav Mahajan learned counsel for the parties.
(2.) The assessee has preferred this appeal against the order of the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) dated 14.11.2008 in respect of the assessment year 1996-97.
(3.) Sri Suyash Agarwal, learned counsel appearing for the appellant has pressed the following two substantial questions of law:- "(i) Whether the ITAT was justified in adjudicating the claim of loss of Rs.4,50,675/- a purchase and sale of cotton which was not an issue in the reason recorded for initiation of 148 proceedings ignoring the decision of Vipin Khanna v. CIT (2002) 255 ITR 220 P and H and Prashant S. Joshi v. ITO (Bom.) (2010) 324 ITR 154 (Bom.). (ii) Whether the ITAT was right in confirming the dis-allowance of interest of Rs.5,93,644/- when the loan was used for business purpose and all the conditions of Section 36(1)(iii) of the Act was fulfilled as held in case CIT v. Radico Khaitan Ltd. (2005) 274 ITR 354 (Alld.)?" ;