In Itxa/5405/2010 Of The Commissioner Of Income Tax- 9 Mumbai v. M/S. Bhavesh Estates I Pvt Ltd, the High Court (2009) decided the matter.
Issue: 2.Whether the Tribunal was justified in deleting notional interest added to the income of the assessee by the assessing officer is a question of law raised in these appeals.
Decision: Both appeals are dismissed in limine with no order as to costs.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL (LDG.) NO. 1817 OF 2009WITH INCOME TAX APPEAL (LDG.) NO. 1820 OF 2009
The Commissioner of Income-tax-,... Appellant.
M/s.Bhavesh Estates (I) Pvt.Ltd.... Respondent.
Ms.Padma Divakar for the appellant.
Sanjiv M. Shah for the respondent.
P.C. :
Heard. Office objections are over-ruled. Appeals are taken up for hearing at the request of the appellant.
2.Whether the Tribunal was justified in deleting notional interest added to the income of the assessee by the assessing officer is a question of law raised in these appeals. The Tribunal has recorded categorical finding that interest on security deposit was payable only if the project goes through. The project has not gone through and, therefore, no interest was payable. Considering the finding of fact recorded by the Tribunal, we see no substantial question of law involved in these appeals. Both appeals are dismissed in limine with no order as to costs.
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