Itxa/1046/2007 Of The Commissionr Of Income-Tax-City-5 v. M/S Anjis Developers Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.1046 OF 2007 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1046 OF 2007 The Commissioner of Income Tax ..Appellant. V/s. M/s.Anjis Developers Pvt.Ltd. ..Respondent. Mr.R.Ashokan for appellant. Mr.Nishant Thakkar i/b. Mint and Conferers for respondent. CORAM : V.C.DAGA ANDJ.P.DEVADHAR, JJ. DATED : 15TH APRIL, 2009. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 15TH APRIL, 2009. P.C. :- P.C. :- 1. Heard learned counsel for the appellant and the respondent. The appeal seeks to raise the following question of law :- " Whether on the facts and circumstances of the case and in law, the Tribunal is right in holding that the interest income cannot be assessed as income from other sources and the same should be capitalized to the project development account ? " 2. The answer to the said question can be found from the fact that the revenue has accepted the assessment of the same assessee for the A.Y.1996-97. - = : 2 : = - A photocopy of the assessment order is placed on record. 3. The present appeal relates to the assessment year 1995-96. Since the method of accounting is accepted by the revenue for the subsequent accounting year 1996-97, the revenue can hardly be said to be a aggrieved person. We do not see any substantial question of law involved in the appeal. The Tribunal has relied upon its own Judgment in the case of M/s.Wescon Properties Pvt.Ltd. in ITA No.6135/Bom/94. The said Judgment was in appeal before this Court in Income Tax Appeal No.380 of 2003 which met with an order of dismissal on 7/8/2008. In the result, appeal is dismissed with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)