Itxa/2417/2010 Of The Commissioner Of Income Tax-7 v. Psl Pipe Coaters P. Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2417 OF 2010 The Commissioner of Income Tax-7, Mumbai ..Appellant. V/s. M/s. P.S.L. Pipe Coaters Pvt. Ltd. ..Respondent. Mr. Suresh Kumar for the appellant.None for the respondent. CORAM : J.P. DEVADHAR AND K.K. TATED, JJ. DATED : 17TH OCTOBER, 2011 P.C. :- 1.Heard learned counsel for the appellant. None for the respondent, though served with specific direction that the appeal may be heard and disposed off at the stage of admission. 2.The appeal is admitted on the following question of law :- “ Whether on the facts and in the circumstances of the case and in law, the ITAT is correct in confirming the order of CIT(A) to allow netting off of interest income and that if any surplus of interest is available, only that amount cannot be allowed as exempt u/s.10B ? 3.Since the question raised in this appeal is covered in favour of the revenue by the decision in the case of Commissioner of Income Tax V/s. Asian Star Co. Limited reported in (2010) 326 ITR 56 (Bom), in the absence of anyone appearing on behalf of the assessee, we deem it proper to set aside the impugned order and restore the matter back to the file of ITAT for fresh decision in accordance with the law laid down by this Court in the case of Asian Star Co. (supra). 4. Accordingly, the order passed by the ITAT on 12[th] August, 2005 in ITA No.4801/Bom/1994 relating to AY 1991-92 is quashed and set aside and the matter is restored back to the file of ITAT for fresh decision in accordance with law. 5.The appeal is disposed off accordingly with no order as to costs. (K.K. TATED, J.) (J.P. DEVADHAR, J.)