M/S.gindwell Norton Ltd. Mumbai v. Deputy Commissioner Of Income-Tax Circle 1(1), Mumbai

lgc 1 ITXA NO.1824/09. IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1824 OF 2009 M/s.Gindwell Norton Ltd. MumbaiVersusDeputy Commissioner of Income-Tax Circle 1(1), Mumbai : Appellant. : Respondent. Mr.A K Jasani for the Appellant.Mr. P S Sahadevan for the Respondent. CORAM :J P DEVADHAR AND R M SAVANT, JJ.DATED :16[th] NOVEMBER 2010 P.C. Heard the learned counsel for the Appellant and the learned counsel for the Respondent. Perused the Appeal. 2By order dated 23[rd] September 2009 this Appeal has been admitted on the following substantial questions of law :- “1Whether the Tribunal was justified in law in holding that expenditure was allocable to the earning of dividend income ? 2Whether the Tribunal was justified in holding that sections 14A(2) and 14A(3), introduced w.e.f. 1[st] April 2007, were to be retrospectively applied? 3The learned counsel for both the sides fairly state that the question of law raised in this Appeal is covered by the decision of this Court in the case of Godrej & Boyce Mfg. Co. Ltd. v/s. Deputy Commissioner of Income Tax and Anr. reported in (2010) 234 CTR (Bom)1. and (2010) 328 ITR 81 (Bom) 2 ITXA NO.1824/09. 4In this view of the matter, the order of the Income Tax Appellate Tribunal dated 28/08/2008 is quashed and set aside and the matter is restored to the file of the Assessing Officer to decide the issues raised in this Appeal in accordance with law laid down by this Court in the case of Godrej & Boyce Mfg. Co. Ltd. v/s. DeputyCommissioner of Income Tax and Anr. (supra). The Appeal is disposed of accordingly. [R.M.SAVANT, J] [J P DEVADHAR, J]