M/S.afcons Infrastructure Ltd v. Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.44 OF 2006 INCOME TAX APPEAL NO.44 OF 2006 M/s.Afcons Infrastructure Ltd. .. Appellant V/s Commissioner of Income Tax .. Respondent Mr.Jitendra Jain i/by M/s.RMG Law & Associates for the Appellant. Mr.P.S.Sahadevan for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & A.V.NIRGUDE, JJ. CORAM :- DR.S.RADHAKRISHNAN & A.V.NIRGUDE, JJ. DATE : 16th June, 2008 DATE : 16th June, 2008 P.C. P.C. 1. Heard the learned Counsel for the parties. The learned Counsel for the parties agree that the issue raised in this Appeal is squarely covered by an order passed by the Income Tax Appellate Tribunal in ITA No.3059/Mum/2003 and ITA No.3060/Mum/2003 with regard to the very same assessee for the Assessment Years 1998-99, 1999-2000 and 2000-2001. In view thereof, we pass the following order:- "The issue of disallowance of interest is set aside and the Assessing Officer is directed to decide the same afresh in accordance with law after giving the assessee adequate opportunity of being heard. The Assessing Officer shall apply the propositions laid down by the Hon’ble Supreme Court in the case of SA Builders Ltd.to the facts of this case." (A.V.NIRGUDE, J.) (DR.S.RADHAKRISHNAN,J.) (A.V.NIRGUDE, J.) (DR.S.RADHAKRISHNAN,J.)