The Commissioner Of Income-Tax (Central), Ludhiana v. M/S Ess Ess Kay Engg. Co.pvt. Ltd., Kapurthala

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.R. No.331 of 1995Date of decision: 13.7.2009 The Commissioner of Income-tax (Central), Ludhiana. -----Applicant. Vs. M/s Ess Ess Kay Engg. Co.Pvt. Ltd., Kapurthala. -----Respondent CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOELHON'BLE MR JUSTICE DAYA CHAUDHARY Present:-Mr. Krishan Mehta, Advocatefor the applicant.for the applicant. Mr. S.K. Mukhi, Advocatefor the respondent. --- ORDER: 1.Following question of law has been referred foropinion of this Court under Section 256(1) of the Income Tax Act,1961 by the Income Tax Appellate Tribunal, Amritsar Bench,Amritsar, arising out of its order dated 28.6.1993 in I.T.A. No.360(ASR)1989 for the assessment year 1985-86:- “Whether on the facts and in the circumstances of thecase, the Income-tax Appellate Tribunal is right in lawin upholding the order of first Appellate Authority inupholding the order of first Appellate Authority in deleting the disallowance of Rs.54,115/- representingthe value of perquisite of concessional rate of interestcharged on borrowings from Managing Director inview of the provisons of section 40A(5)/40(C) of theI.T.Act, 1961?” 2. Learned counsel for the parties state that the questionreferred has already been decided in the case of the assesseeitself by the order of this Court dated 9.5.2007 in I.T.R. No.82 of1989 The Commissioner of Income Tax, Jalandhar v. M/sEss Ess Kay Engg. Co.(P) Ltd., Kapurthalafor the assessmentyear 1979-80. 3. Accordingly, the question referred is answeredagainst the revenue and in favour of the assessee. 4. The reference is disposed of. (ADARSH KUMAR GOEL) JUDGE July 13, 2009ashwani ( DAYA CHAUDHARY ) JUDGE