IN HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITR No. 151 of 1998 Date of Decision: 25.7.2019 Ms/ Kishan Chand and Co. Oil Industries Ltd., Ludhiana .Appellant Vs. Commissioner of Income Tax (Central), Patiala Respondent CORAM: HON BLE MR. JUSTICE AJAY TEWARI HON'BLE MR. JUSTICE HARNARESH SINGH GILL Present: - Mr. Akshay Bhan, Senior Advocate with Mr. Alok Mittal, Advocate for appellant. Mr. Rajesh Katoch, Senior Standing Counsel for respondent. AJAY TEWARI, J. (ORAL) In this reference, following questions of law have been referred:- "1. Whether on facts and in circumstances of case, Tribunal is right in upholding addition of Rs. 4,08,633/- on account of claim of freight and octroi etc. from State Trading Corporation of India on mercantile basis as against change in method of accounting on cash basis adopted by assessee for this purpose ? 2. Whether on facts and in circumstances of case, Tribunal is right in disallowing Rs. 1,24,991/- out of payments of interest made to bank for alleged interest free advances made to sister concerns especially when there were no debit balances against assessee as per bank records after October, 1984 ?" 1 of 2 ITR No. 151 of 1998 -2- Both learned counsel have agreed that these questions are concluded in terms of decision of this Court dated 24.7.2019 passed in ITR No. 224 of 1995. reference is disposed of in same terms. (AJAY TEWARI) JUDGE (HARNARESH SINGH GILL) July 25, 2019 JUDGE Gurpreet Whether speaking /reasoned : Yes Whether Reportable : No 2 of 2 Kishan Chand and Co. Oil Industries Ltd. v. Commissioner of Income-tax (Central), Patiala