American Express Bank Ltd v. Commissioner Of Income Taxmumbai City I, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO. 709 OF 2002WITH INCOME TAX APPEAL NO. 710 OF 2002 American Express Bank Ltd.: Appellant v/s Commissioner of Income TaxMumbai City I, Mumbai: Respondent Mr. P.J. Pardiwalla a/w Mr. N. Doshi i/b CRBayley & co.Advocate for AppellantMr. Parag Vyas a/w R.A. Vaishampayan Advocate forrespondent Coram : Dr. S. Radhakrishnan S.J. Kathawalla, JJ.Date : 21.8.2008 P.C.1.Heard the learned counsel for the appellant and the learned counsel for the respondent. 2.The above Income Tax Appeal no. 709/2002 was admitted by the order dt. 7.9.2004 on the followingsubstantial questions of law. 1. Whether on the facts and in thecircumstances of the case, the Tribunal wasjustified in disallowing a sum of Rs.21,94,91,333/- whilst computing theAppellant’s income? 3. 1988-89. Above appeal pertains to assessment year 4.Income Tax appeal 710/2002 was admitted by the order dt. 7.9.2004 on the following substantial questions of law. answer second question in law in negative in favour of the assessee and against the revenue. 8.Appeal stands disposed of accordingly. (S.J. Kathawalla,J.) (Dr. S.Radhakrishnan,J.)