Itta/103/2013 Of The Commissioner Of Income Tax-Iv v. M/S. Prabhath Agri Bio Tech Pvt., Ltd

IN THE HIGH COURT OF JUDICATURE, ANDHRAPRADESH AT HYDERABAD WEDNESDAY, THE TWENTY SIXTH DAY OFJUNE TWO THOUSAND AND THIRTEEN PRESENT THE HON’BLE THE CHIEF JUSTICESRI KALYAN JYOTI SEN GUPTA AND THE HON'BLE MS. JUSTICE G.ROHINI I.T.T.A. No.103 OF 2013 Between: Commissioner of Income Tax-IVHyderabad. ..... Appellant AND M/s. Prabhath Agri Bio Tech Pvt. Ltd.,6-3-540/10, Opp State Bank of Hyderabad,Punjagutta, Hyderabad. .....Respondent The Court made the following : JUDGMENT:(per the Hon’ble the Chief Justice Sri K.J. Sengupta) We have heard the learned counsel for the appellantand gone through the impugned judgment and order of the learned Tribunal in relation to the assessment year2007-2008. We find no mistake has been committed bythe learned Tribunal as it followed its own decision in thecase of Swagath Seeds Private Limited and held that theissue involved herein is squarely covered by the aforesaidjudgment. There is no statement in the appeal that theaforesaid judgment and order in Swagath Seeds PrivateLimited has been challenged before any court. Underthese circumstances, the learned Tribunal has rightlyallowed the exemption under Sec.10(1) of the Act. As far as another issue i.e. disallowance of interestis concerned, the learned Tribunal has correctly held thatthe loan has been taken from HDFC Bank and interesthas been paid to the bank, which has to be allowed.Therefore, the learned Tribunal has correctly held so. Consequently, the appeal is dismissed. No order asto costs. _______________________ Kalyan Jyoti Sengupta, CJ. June 26, 2013MAS __________G.Rohini, J.