Itxa/1858/2010 Of The Commissioner Of Income Tax , - 5 Mumbai v. Essar Projects Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1858 OF 2010 The Commissioner of Income Tax-5, Mumbai ..Appellant. V/s. M/s. Essar Projects Ltd. ..Respondent. Ms. S.V. Bharucha for the appellant. Mr. P.J. Pardiwala, senior Advocate with Atul K. Jasani for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATED : 28TH JANUARY, 2013 P.C. :- 1.In this appeal for the assessment year 2002-03, the revenue has formulated the following questions of law for the consideration of this Court. “ Whether on the facts and in the circumstances of the case, the Tribunal, in law, was justified in sustaining the order of the CIT (A) in allowing the portionate guarantee commission related to investment as business expenditure and the balance related to project is to be capitalized to the project accounts ? 2.It is agreed by the counsel on both sides that similar question has been raised by the revenue against the same assessee for the assessment year 1998-99 in Income Tax Appeal No.452 of 2010 and the same has been dismissed by us today i.e. 28[th] January, 2013. For the reasons stated therein, we see no reason to entertain the proposed question of law. Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)