Ita/61/1999 Of The Commissioner Of Income Tax v. American Express Bank Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPLICATION NO.61 OF 1999 The Commissioner of Income-Tax,Mumbai City - III, MumbaiV/s. . ...Applicant American Express Bank Ltd., Mumbai...Respondent Mr.Parag Vyas, Advocate, for the Applicant. .Mr.P. Pardiwala, Advocate, i/b. M/s.Mulla & Mulla &C.B. & C., for the Respondent. CORAM : DR. S. RADHAKRISHNAN &A.V. NIRGUDE, JJ.DATE : 4TH JULY, 2008. P.C. : .Heard the learned Counsel for the Applicantand the learned Counsel for the Respondent. 2.By this Application, the Applicant is seekinga reference with regard to the following substantialquestions of law :- (a).Whetherthefactsandthecircumstances of the case, the ITAT was rightin law in deleting the addition ofRs.75,24,426/- made by the A.O. on account ofmemorandum interest including interest ofRs.47,51,144/- in the case of W.G. Forge andAllied Industries Ltd.? (b).Whether the facts and circumstances of the case, the ITAT was right in law indeleting the interest on account of W.G.Forge and Allied Industries Ltd. amounting toRs.47,51,144/- including in the memoranduminterest of Rs.75,24,426/-? (c).Whether the facts and circumstances ofthe case, the ITAT was right in law in settingaside the order of the CIT (A) and directingthe A.O. to recompute the management expensesthat could be allowed under the head intereston securities with applying the restrictiveprovisions as contained in following Sec.37 ofthe I.T. Act? 3.We have perused the Judgment of the Tribunalrejecting the Application seeking reference dated 24thJuly, 1998 specially for the reasons stated inparagraph No.4. The Revenue had accepted and notchallenged the rejection of the application before theTribunal on the very same questions of law for theearlier assessment year 1984-85. 4.In view thereof, we are not inclined toentertain the above Application and the same standsdismissed. : 3 : [A.V. NIRGUDE, J.] [DR. S. RADHAKRISHNAN, J.]