IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. I.T.R. No.331 of 1995 Date 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 GOEL HON'BLE MR JUSTICE DAYA CHAUDHARY Present:- Mr. Krishan Mehta, Advocate for the applicant. Mr. S.K. Mukhi, Advocate for the respondent. --- ORDER: 1. Following question of law has been referred for opinion 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 the case, the Income-tax Appellate Tribunal is right in law in upholding the order of first Appellate Authority in upholding the order of first Appellate Authority in I.T.R. No.331 of 1995 deleting the disallowance of Rs.54,115/- representing the value of perquisite of concessional rate of interest charged on borrowings from Managing Director in view of the provisons of section 40A(5)/40(C) of the I.T.Act, 1961?” 2. Learned counsel for the parties state that the question referred has already been decided in the case of the assessee itself by the order of this Court dated 9.5.2007 in I.T.R. No.82 of 1989 The Commissioner of Income Tax, Jalandhar v. M/s Ess Ess Kay Engg. Co.(P) Ltd., Kapurthala for the assessment year 1979-80. 3. Accordingly, the question referred is answered against the revenue and in favour of the assessee. 4. The reference is disposed of. (ADARSH KUMAR GOEL) JUDGE July 13, 2009 ( DAYA CHAUDHARY ) ashwani JUDGE 2