Itxa/128/2005 Of The Commissioner Of Income Tax City-19, Mumbai v. M/S. S. D. Investments And Trading Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARYORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY INCOME TAX APPEAL NO.128 OF 2005 INCOME TAX APPEAL NO.128 OF 2005 The Commissioner of Income Tax ..Appellant. V/s. M/s.S.D.Investment & Trading Co. ..Respondent. Mr.R.Ashokan for appellant. Mr.Ramesh C.Sahu i/b. S.K.Shrivastav & Co. for respondent. CORAM : DR. S.RADHAKRISHNAN AND J.P.DEVADHAR, JJ.DATED : 1ST APRIL, 2008. CORAM : DR. S.RADHAKRISHNAN AND J.P.DEVADHAR, JJ. DATED : 1ST APRIL, 2008. P.C. :- P.C. :- P.C. :- 1. Heard learned counsel for the appellant and learned counsel for the respondent. In the above appeal, the revenue is seeking to raise the following substantial questions of law:- " Whether on the facts and circumstances of the case and in law, the Tribunal is right in holding that the notional interest should not be charged in spite of the fact that the borrowed funds were utilized for non business purposes ? 2. The relevant assessment year is 1998-99. 3. In view of the order passed today in Income Tax Appeal No.129 of 2005, where similar issue has been raised and for the same reasons recorded therein, this appeal also stands dismissed with no order as to costs. (DR. S.RADHAKRISHNAN) (DR. S.RADHAKRISHNAN) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)