Itxa/330/2002 Of Lead Consltants P.ltd v. Asst. Commissioner Of Income -Tax Central Circle-Ii

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO.O.C.J. INCOME TAX APPEAL NO. 330 OF 2002 M/s. Lead Consultants Pvt.Ltd... appellantv/s.The Commissioner of Income-tax,Central Circle 11, Range 3, Mumbai& anr... Respondents Mr.K.Gopal for appellant. Ms.S.V.Bharucha i/by Mr. H.D.Rathod forrespondents. CORAM: R.M.LODHA ANDJ.P.DEVADHAR, JJ. DATED:18thAugust, 2004 P.C. Heard Mr.K.Gopal, the learned counsel for the assessee-appellant. 2. The Tribunal observed thus- "In the instant case, the assessee carriedon the business of providing services to itssister concern. There is no material onrecord to suggest that the land waspurchased with an intention to constructoffice and accommodation to its employeesand to run the office therefrom. Inresponse to a query, during the course ofhearing, the learned counsel submitted thatthe land purchased by the assessee could notbe developed and ultimately sold. Thus, theso called intention behind the purchase ofland could neither be traced from the recordnor from subsequent conduct of the assessee.The learned counsel strongly relied upon oneof the clauses in the Memorandum ofAssociation. As could be seen fromMemorandum of Association, the main objectof the assessee-company was to carry on thebusiness as Advisers and Consultants andancillary or incidental object includesevery conceivable trade that a businessmancan carry on so that any act, however remoteor unintended, can be brought within one ofthe ancillary objects listed out in consideration of the matter by the Tribunal. No substantial question of law arises. 4. Appeal is dismissed in limine. (R.M.LODHA,J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)