Credit Agricole Indosuez v. Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPLICATION NO.3 OF 2000 Credit Agricole Indosuez ..Applicant Vs. Commissioner of Income Tax ..Respondent Mr.H.Toor i/b. Cr.Bayley & Co. for the Applicant.Mr.B.M.Chatterjee with Mrs.P.P.Bhosale for theRespondent. CORAM :- DR.S.RADHAKRISHNAN &V.C.DAGA, JJ. DATE : 16TH APRIL, 2007 P.C. 1.Heard the learned Counsel for the parties. In the present matter, the following substantial question of law is sought to be raised: 1. "Whether on the facts and in thecircumstances of the case, the Hon’ble Tribunalwas right in holding that the applicant is liableto pay tax on interest on sticky loans though notcredited in the accounts for the year?"2.Both the learned Counsel for the partiesfairly state that the above question of law issquarely covered by the Hon’ble Supreme Court in thecase of UCO Bank Vs. Commissioner of Income Tax 237ITR 889and also a Division Bench of our High Court inthe case of American Express International BankingCorporation Vs. Commissioner of Income Tax 258 ITR 601, in favour of the Assessee and against the Revenue. (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.)