Icon Exchange (India) Ltd v. The Commissioner Of Income-Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAY VPH ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 247 OF 2006 Icon Exchange (India) Ltd. Appellant Vs The Commissioner of Income-Tax City VI ... Respondents Mr. A. Bhagwat i/b Divekar & Co. for the appellant. Mr. Suresh Kumar, for the respondent. CORAM: Dr. S. RADHAKRISHNAN, & V. C. DAGA, JJ. DATED: DECEMBER 10, 2008. P.C.: ---- . Heard the learned counsel for the appellant and the learned counsel for the respondent. Perused the judgment of the Appellate Tribunal dated 24th Nvoember 2005 wherein in paragraph 4 it is observed that "the assessee has candidly admitted that the borrowed funds were advanced to the group companies. In fact the assessee had sufficient funds in the form of share capital reserve and surplus other than the borrowed funds for diverting it to a sister concern". In view of this the Tribunal has set aside the order and remanded the matter back to the file of the CIT (A), for fresh adjudication, after giving opportunity - 2 - of hearing. 2. In view of the aforesaid remand, we do not find that any substantial question of law is involved in the appeal. In the result, appeal stands dismissed. Sd/- Sd/- [ V.C. DAGA, J.] [ Dr. S. RADHAKRISHNAN, J.]