Nma/38/2009 Of The Commissioner Of Income Tax-2, Mumbai v. M/S. Ravalgaon Sugar Farm Ltd. Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.38 OF 2009 IN INCOME TAX APPEAL (L) NO.2926 OF 2008 The CIT-2 Mumbai )..Appellant V/s. M/s.Ravalgaon Sugar Farm Ltd.Mumbai )..Respondents ---- Mr.Vimal Gupta @ P.S.Sahadevan for the appellant. Mr.B.V.Jhaveri with Priti V.Shukla for respondents. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 10.2.2009. PC 1. Considering the cause shown, delay condoned. Office to register the appeal. INCOME TAX APPEAL (L) NO.2926 OF 2008 1. Appeal pertains to assessment year 1998-99. The following two questions have been framed :- (A) "Whether on the facts and in the circumstances of the case and law, the Hon’ble I.T.A.T. is right in allowing the claim of interest and depreciation of assets taken on lease ? (B) "Whether on the facts and in the circumstances of the case and law, the Hon’ble I.T.A.T. is right in holding the assessee’s claim of realization of additional free sale quota of sugar as capital receipt ? : 2 : 2. In so far as question (A) is concerned, the Tribunal has noted that for the assessment years 1993-94 and 1994-95 in the assessees own case the Tribunal had held the transaction to be leased transaction. No appeal has been preferred in respect of the said years. In the light of that, question (A) would not arise. 3. In so far as question (B) is concerned, the matter has been sent to the file of CIT for deciding the matter afresh. In the light of that, qustion (B) would not arise. Consequently, appeal disposed off. (R.S.Mohite,J) (F.I.Rebello,J)