Itxa/3897/2010 Of The Commissioner Of Income Tax - 1 Mumbai v. Polyolefins Industries Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3897 OF 2010 The Commissioner of Income Tax-1 ..Appellant. V/s. M/s. Polyolefins Industires Ltd.(Now amalgamated with NationalOrganic Chemical Industries Ltd.)..Respondent. Mr. Vimal Gupta for the appellant. Mr. Dinesh Vyas, senior Advocate with Ajit Shah and Shrihari M. Iyer for the respondent. CORAM : J.P. DEVADHAR AND SMT. R.P.SONDURBALDOTA JJ. DATED : 16TH JUNE, 2011 P.C. :- In the assessment year 1992-93, disallowance of interest made under Section 80M of the Income Tax Act, 1961 was deleted by ITAT by holding that there is no nexus between the borrowed funds and investments made by the assessee and that the assessee had sufficient funds to make investments. The Tribunal has also relied upon the judgment of this Court in the case of CIT v/s. Reliance Utilities and Power Ltd. reported in [2009] 313 ITR 340 (Bom) which is in favour of the assessee. There is nothing on record to suggest that the above finding is perverse or contrary to the facts on record. Hence, the decision of the Tribunal is based on finding on fact. No substantial question of law arises from the order of the Tribunal. The appeal is dismissed with no order as to costs. (SMT. R.P.SONDURBALDOTA, J.) (J.P. DEVADHAR, J.)