Itxa/3770/2009 Of The Commissioner Of Income Tax -25 Mumbai v. Rainbow Construction

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3770 OF 2009ANDINCOME TAX APPEAL NO.3771 OF 2009 The Commissioner of Income Tax-25 Mumbai ..... Appellants V/s.M/s.Rainbow Construction..... Respondents ---- Mr.Suresh Kumar for the appellants. Mr.R.Murlidharan @ Mr.Balasaheb Yewale i/by Rajesh Shah & Co.for the respondents. ---- CORAM : J.P.DEVADHAR & MRS.MRIDULA BHATKAR, JJ. DATE :18/1/ 2011 P.C. 1.The short question raised in these appeals is "Whether the Tribunal was justified in holding that the interest income was the business income”? 2Admittedly, in the earlier Assessment Years as well as in the subsequent Assessment years the interest income earned by the assessee has been assessed as business income. In this view of the matter, we see no merit in these appeals. Appeals are dismissed. (MRS.MRIDULA BHATKAR,J) (J.P.DEVADHAR,J)