Itxa/1384/2011 Of The Commissioner Of Income Tax -1 v. Chika Overseas P Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1384 OF 2011 The Commissioner of Income Tax-1, Mumbai..Appellant.V/s.M/s. Chika Overseas P. Ltd...Respondent. Mr. Vimal Gupta, Sr. Advocate with Padma Divakar, for the Appellant.Mr. S. P. Mehta, for the Respondent. P.C:- CORAM: J.P.DEVADHAR & M.S.SANKLECHA,JJ.DATE : 11[th] JANUARY, 2013. In this Appeal, the revenue has raised the following question of law:- “Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal has erred in directing the Assessing Officer to allow netting off interest for the purpose of computation of deduction u/s 80HHC?”. 2The Counsel for the Appellant and the Respondent are agreed that the issue raised in the above question stands covered by the decision of the Apex Court in the matter of ACG Associated Capsules Pvt. Ltd. v/s. Commissioner of Income-Tax, reported in 343 ITR page 89 in S.R.JOSHI1 of 2 favour of the assessee and against the revenue. 3In view of the above, we see no reason to entertain the Appeal.4Accordingly, appeal is dismissed with no order as to costs. (M.S.SANKLECHA,J.) (J.P.DEVADHAR,J.)