Krishna Ssk Ltd v. Joint Commr. Of Income Tax

1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICITON INCOME TAX APPEAL NO.666 OF 2004 Krishna SSK Ltd. .. Appellant. Versus Joint Commr. of Income Tax .. Respondent. Mr.A.K. Jasani with Mr.S.N. Inamdar for the appellant. Mr.A.S. Rao for the respondent. CORAM : F.I. REBELLO & J.P. DEVADHAR, JJ. DATED : 30TH JULY, 2007. P.C. : 1. The appeal has been preferred on the following questions of law : 1. Whether on the facts and in the circumstances of the case and in law the appellate tribunal was justified in sustaining the additions by treating the amounts of non refundable deposits which were converted in the share capital or repaid as income of appellant ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in disallowing interest actually paid by the appellant on the above deposits and treating the same as income of the appellant ? 2. The learned counsel for the appellant relied on the judgment of a co-ordinate bench of this Court in the case of C.I.T. V/s. Malegaon S.S.K. Ltd reported in 279 ITR 90 in support of his contention 2 that both the questions have been answered in favour of the assessee. 3. We have gone through that judgment. Considering the judgment, both the issues are covered by the said judgment. Hence, appeal is allowed. (F.I. REBELLO, J.) (J.P. DEVADHAR, J.)