I.T.A. No. 890 of 2008 (O&M) (1) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH I.T.A. No. 890 of 2008 (O&M) DATE OF DECISION: 3.8.2009 Swaraj Engines Limited ..........Appellant Versus Commissioner of Income Tax, Chandigarh ..........Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL HON'BLE MRS. JUSTICE DAYA CHAUDHARY Present:- Mr. Pankaj Jain, Advocate for the appellant. **** ADARSH KUMAR GOEL, J. (Oral) 1.. The assessee has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, “the Act”) against the order of Income Tax Appellate Tribunal, Chandigarh Bench dated 11.7.2008 passed in ITA No. 208/Chandi/2006 for the assessment year 1996-97, proposing to raise following substantial questions of law:- (i) Whether on the true and correct interpretation of the provisions of Section 147 of the Income Tax Act, 1961, the initiation of the proceedings in pursuance to the judgment of CIT Vs. Sterling Foods (1999) 237 ITR 579 (SC) is covered within the words “reasons to believe”? (ii)Whether under the facts and circumstances of the case the Tribunal order is sustainable in having disregard to the judgment of Co-ordinate Bench? I.T.A. No. 890 of 2008 (O&M) (2) 2. Learned counsel for the assessee does not press question (i) and with regard to question (ii), he says that matter has been dealt with by the Tribunal in para 9 and his contention was wrongly recorded. His contention was that interest income, if not covered under Section 80-I was required to be taken into account as income from business or from other sources and was required to be taken into account after making adjustment of the interest paid. 3. The grievance of the assessee is, thus, against error in noticing argument. The remedy of the assessee for such grievance is to move Tribunal itself. No substantial question of law arises for consideration under Section 260-A of the Act. 4. The appeal is disposed of. (ADARSH KUMAR GOEL) JUDGE August 03, 2009 (DAYA CHAUDHARY) pooja JUDGE Note:-Whether this case is to be referred to the Reporter .......Yes/No