Itxa/278/2008 Of The Commissionr Of Income-Tax-18,Mum v. Balkrishna M. Sawant

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.278 OF 2008 The Commissioner of Income Tax ..Appellant. V/s. Balkrishna M. Sawant..Respondent. Mr. P.S. Sahadevan for appellant.Mr. A.K. Jasani for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 23RD SEPTEMBER, 2009. P.C. :- 1.Heard learned counsel for the parties. This appeal was admitted on 24/8/2008 on the following substantial questions of law:- (a) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was right in not giving a finding on the question whether the notional interest on deposits formed part of actual rent received or receivable ?Tribunal was right in not giving a finding on the question whether the notional interest on deposits formed part of actual rent received or receivable ? (b)Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified in holding indirectly that the notional interest did not form part of the actual rent received or receivable u/s. 23(1)(b) of the I.T. Act ?Hon'ble Tribunal was justified in holding indirectly that the notional interest did not form part of the actual rent received or receivable u/s. 23(1)(b) of the I.T. Act ? 2.The question revolves round whether notional interest on deposits form part of actual rent received or receivable. The said issue is covered by the judgment of this Court in the case of CIT V/s. J.K.Investors (Bombay) Ltd. reported in [2001] 248 ITR 723 in favour of the assessee. The SLP filed by the Revenue in the Supreme Court came to be dismissed. In this view of the matter, no substantial question of law is involved in the appeal. The appeal is dismissed in limini with no order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)