Itxa/77/2009 Of The Commissioner Of Income Tax - 3, Mumbai v. M/S Icici Bank Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.77 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s.ICICI Bank Ltd. ..Respondent. Mr.Vimal Gupta for appellant. Mr.S.J.Mehta for respondent. CORAM : V.C.DAGA ANDJ.P.DEVADHAR, JJ. DATED : 23RD APRIL, 2009. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 23RD APRIL, 2009. P.C. :- P.C. :- 1. Heard learned counsel for the rival parties. The appeal seeks to raise the following questions of law :- " Whether in the facts and circumstances of the case and in law, the ITAT was right in confirming CIT(A)’s order and thereby holding that the interest of PSU bonds was not chargeable to tax under the interest Tax Act, 1974 in as much as the same could not be classified as interest on loans and advances u/s.2(7) of Interest Tax Act, 1974?" 2. The question sought to be raised is covered by the judgment of the Lucknow Bench in the case ofCommissioner of Income-tax (Central), Kanpur V/s. - = : 2 : = - Sahara India Mutual Benefit Co. Ltd. reported in[2006] 153 Taxman (All). The Tribunal has also relied Sahara India Mutual Benefit Co. Ltd. [2006] 153 Taxman (All). upon the very same Judgment. The said judgment is also affirmed by the Apex Court. In this view of the matter, we do not see any substantial question of law. Appeal is dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)