Itxa/1549/2016 Of Pr. Commissioner Of Income Tax-3 v. M/S. Bajaj Capital Ventures Pvt Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1549 OF 2016 Pr. Commissioner of Income Tax-3 .. Appellant v/s. M/s. Bajaj Capital Ventures Pvt. Ltd. .. Respondent Mr. Ashok Kotangle I/b Padma Divakar for the appellant Mr. Niraj Sheth a/w Mr. Atul Jasani for the respondent CORAM : AKIL KURESHI & M.S. SANKLECHA, J.J. P.C. DATED : 23[rd] JANUARY, 2019 1.This Appeal under Section 260-A of the Income Tax Act, 1961(the Act) challenges the order dated 29[th] September, 2015 passed bythe Income Tax Appellate Tribunal (the Tribunal). This appeal relatesto Assessment Year 2010-11. 2.The Revenue has urged only the following question of law for ourconsideration :- “Whether on the facts and in the circumstances of the case and inlaw, the Tribunal was justified in treating interest earned onmoney lending operation of Rs.3,52,14,074/- under the head“Profits & Gains from Business and Profession” instead of“Income from other Sources” without appreciating the fact thatthe assessee is not a Non Banking Financial Company (NBFC) and hence giving loans and advances to other parties cannot beconsidered as business activity? 3.The impugned order of the Tribunal dismissed the Revenue's appeal by following the decision of its co-ordinate bench in respect ofthe same respondent assessee for Assessing Year 2008-09. 4.Mr. Kotangle, learned Counsel appearing for the Revenue veryfairly states that being aggrieved by the order of the Tribunal for A.Y.2008-09 in respect of the same respondent assessee, the Revenue hadfiled an appeal to this Court being Income Tax Appeal No.1048 of 2014.This appeal of the Revenue was dismissed on 19[th] October, 2016 as notgiving rise to any substantial question of law. Therefore, for the reasonsindicated in our order passed in Income Tax Appeal No.1048 of 2014(supra) dated 19[th] October 2016, the question as proposed does notgive rise to any substantial question of law. Thus, not entertained. 5.The appeal is dismissed. (M.S. SANKLECHA, J.) (AKIL KURESHI, J.)