Commissioner Of Income-Tax v. Sahyog Inv. Pvt. Ltd

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD INCOME TAX REFERENCE No 281 of 1992 For Approval and Signature: Hon'ble MR.JUSTICE A.R.DAVE and Hon'ble MR.JUSTICE D.A.MEHTA ============================================================ 1. Whether Reporters of Local Papers may be allowed : NO to see the judgements? 2. To be referred to the Reporter or not? : NO 3. Whether Their Lordships wish to see the fair copy : NO of the judgement? 4. Whether this case involves a substantial question : NO of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder? 5. Whether it is to be circulated to the concerned : NO Magistrate/Magistrates,Judge/Judges,Tribunal/Tribunals? -------------------------------------------------------------- COMMISSIONER OF INCOME-TAXVersus SAHYOG INV. PVT. LTD. -------------------------------------------------------------- Appearance: 1. INCOME TAX REFERENCE No. 281 of 1992 MR TANVISH BHATT for Petitioner No. 1 .......... for Respondent No. 1 -------------------------------------------------------------- CORAM : MR.JUSTICE A.R.DAVE and MR.JUSTICE D.A.MEHTA ORAL JUDGEMENT (Per : MR.JUSTICE A.R.DAVE) �At the instance of the revenue, the following question of law has been referred to this Court under the provisions of Section 256(1) of the Income-tax Act, 1961 for opinion of this Court. "Whether, on the facts and in the circumstances of the case, the appellate Tribunal was right in law in holding that the interest on redeemable bonds and convertible debentures attributable to the period under consideration was not includible in the total income of the assessee for asst. year 1984-85?" �Learned advocates appearing for the parties have submitted that in the instant case, Hon'ble Mr. Justice D.A. Mehta had appeared before the Tribunal as an advocate for the assessee. They have requested this Bench to take up the matter as they do not have any objection and more particularly when the case is covered by the judgement delivered by this Court in another matter. In pursuance of this special request made by the learned advocates, this Bench has taken up the matter for hearing. �Learned advocate Shri M.R. Bhatt has appeared for the revenue whereas learned advocate Shri R.K. Patel has appeared for the respondent-assessee. for the revenue whereas learned advocate Shri R.K. Patel �It has been submitted by the learned advocates appearing for the parties that the question, which has been referred to this Court, has already been answered by this Court in I.T.R. No. 110/1990 on 10th July, 2002. Looking to the law laid down by this Court in Income Tax Reference No. 110/1990, we answer the question referred to this Court in the affirmative i.e. in favour of the assessee and against the revenue. �The Reference stands disposed of accordingly with no order as to costs. �����(A.R. DAVE,J.) �����(D.A. MEHTA,J.) siji