- (1.) Heard Sri Manish Misra, learned counsel for appellant and Sri Ashish Bansal, Advocate holding brief of Sri S.K. Garg, learned counsel for respondent.
(2.) This appeal under Section 260A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") has arisen from judgment and order dated 29.04.2005 passed by Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as the "Tribunal") in I.T.A. No. 552/Alld/2000, C.O. No. 23/Luc/2003, ITA 243/Alld/2000 for Assessment Year (hereinafter referred to as the "A.Y.") 1993-94.
(3.) Appeal was admitted on the following substantial questions of law: 1. Whether on the facts and circumstances of case Tribunal is justified in deleting the disallowance out of interest/commission paid by Assessee to depositors, to the extent it has less charged from Promoters and their relatives and their sister concerns? 2. Whether on the facts and circumstances of case, Tribunal is justified in ignoring ratio of decision laid down by Jurisdictional High Court in H.R. Sugar Factory P. Ltd. 187 ITR 363? ;