- (1.) The subject matter of challenge in the appeal is a judgment and order dated June 26, 2007, passed by the learned Income Tax Appellate Tribunal, E Bench, Kolkata, in ITA No.762/Kol/2007, pertaining to the assessment year 2002-03, by which an appeal preferred by the assessee was allowed.
(2.) The aggrieved revenue has come up in appeal which was admitted on March 17, 2008 and the following substantial question of law was formulated: Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in deleting the addition of Rs. 1.5 crores, being the difference between the annual lease rent of Rs. 2,25,00,000/- receivable and Rs. 75,00,000/- received while the assessee paid the full amount of lease rent of Rs. 1,18,42,200/- and the three companies, the lessor, the assessee and the sub-lessee were sister concerns?
(3.) The facts of the case, briefly stated, are as follows.;