Itxa/1826/2010 Of The Commissioner Of Income Tax - 5 Mumbai v. Bombay Cycle Motor Agency Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.2987 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s. Bombay Cycle & Motor Agency Ltd. ..Respondent. Mr. Suresh Kumar for appellant. Ms. Vasanti B. patel for respondent. CORAM : DR. D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. DATED : 22ND FEBRUARY, 2010 P.C. :- 1. The office objections are overruled. Registry is directed to register the appeal. 2.The following question of law has been formulated in the appeal filed by the Revenue. " Whether on the facts and circumstances of the case and in law,the ITAT was right in upholding the decision of CIT(A) in deleting the addition of Rs.94,95,000/- and Rs.14,89,709/- made by the AO u/s.28 (iv) of the IT Act, 1961 ? " 3.The appeal pertains to assessment year 2005-06 and arises out of the order of the Tribunal dated 16[th] July, 2009. 4.The Tribunal relied upon its earlier decision in the case of the same assessee for assessment year 2001-02 wherein an addition which was made on account of interest free deposit taken as the value of a benefit arising from the business of the assessee was deleted by the Tribunal. The order of the Tribunal for assessment year 2001-02 was confirmed by a Division Bench of this Court on 23[rd] June, 2009 in Income Tax Appeal (L) No. 1485 of 2008. The Tribunal has, therefore, followed its own view for the earlier year wherein a similar issue was involved and which has been confirmed by this Court. Hence no substantial question of law would arise. The appeal is accordingly dismissed. (J.P.DEVADHAR, J.) (DR. D.Y.CHANDRACHUD, J.)