M/S Avery Cycles Limited © v. Rajesh Bindal)J

IN THE HIGH COURT OF PUNJAB AND HARYAN AAT CHANDIGARH ITA No. 459 of 2006 (O&M)Date of decision: 17.1.2017| Commissioner of Income Tax, Ludhiana-lII .. Appellant M/s Avery Cycles Limited © VS .. Respondent Coram:Hon'ble Mr. Justice Rajesh BindalHon'ble Mr. Justice Harinder Singh Sidhu Present:Mr. Zora Singh Klar, Advocate, tor the appellant.Mr. Alok Mittal, Advocate, for the respondent. Rajesh Bindal)J. The revenue has filed the present appeal raising the followingsubstantial question of law arising out of the order dated 30.5.2005 passedby the Income-Tax Appellate Tribunal, Chandigarh Bench ‘A’, Chandigarh,in ITA No. 479/Chandi/2000 for the the assessment year 1998-99:- “Whether on the facts and in law, Hon'bleITAT was legally justified in deleting thedisallowance of Rs. 5,92,27,493/- made onaccount of interest on money borrowed forpurchase and installation of plant and machineryin new H.R. Unit, prior to the period ofcommencement of production, ignoring the factthat new H.R. Unit 1s located at a distance of 10KM from the existing unit and was not inexistence earlier and is producing new product?” ITA No. 459 of 2006 (O&M) _)- Learned counsel for the revenue does not dispute that in viewof judgment of Hon'ble the Supreme Court inDeputy Commissioner ofIncome Tax, Ahmedabad vs M/s. Core Health Care Limited,(2008) 293I.T.R. 194, where similar question has been answered against the revenue,nothing survives in the present appeal. Accordingly, the present appeal is dismissed. ( Rajesh Bindal )Judge| 17.11.201VS Whether speaking/ reasonedWhether Reportable (Harinder Singh Sidhu)Judge|Yes/NoYes/No