Sabarmati Investments Pvt.ltd v. Commissioner Of Income Tax

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD INCOME TAX REFERENCE No 93 of 1990 For Approval and Signature: Hon'ble MR.JUSTICE M.S.SHAH and Hon'ble MR.JUSTICE K.A.PUJ ============================================================ 1. Whether Reporters of Local Papers may be allowed : NO to see the judgements? 2. To be referred to the Reporter or not? : NO 3. Whether Their Lordships wish to see the fair copy : NO of the judgement? 4. Whether this case involves a substantial question : NO of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder? 5. Whether it is to be circulated to the Civil Judge? : NO @ SABARMATI INVESTMENTS PVT.LTD.Versus COMMISSIONER OF INCOME TAX -------------------------------------------------------------- Appearance: 1. INCOME TAX REFERENCE No. 93 of 1990 MR RK PATEL for Petitioner No. 1 MR MANISH R BHATT for Respondent No. 1 -------------------------------------------------------------- CORAM : MR.JUSTICE M.S.SHAH and MR.JUSTICE K.A.PUJ Date of decision: 10/07/2002 ORAL JUDGEMENT (Per : MR.JUSTICE K.A.PUJ) �At the instance of the assessee, the following questions were referred for the opinion of this Court:- (i) "Whether in the facts and circumstances of the case the Tribunal is right in law in holding that the assessee company was not entitled to claim deduction of interest expenses of Rs.1,60,844/- u/s.57(iii) of the I.T. Act, 1961? (ii) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in approving reference to and reliance upon the judgment of the Supreme Court in the case of Mc. Dowell & Co. Ltd. 154 ITR 148 by the CIT (A)? (iii) Whether on facts and in the circumstances of the case the Tribunal is right in law in confirming the order of the CIT (A) upholding the charge of interest u/s.215 of the Act?" 2.�Heard Mr RK Patel, learned advocate appearing for the applicant and Mr Manish R Bhatt, learned Sr. Standing Counsel appearing for the respondent. 3.�At the time of hearing of this Reference, Mr RK Patel learned advocate appearing for the applicant has made a statement on instructions from his client that the applicant does not want to press this reference and seeks permission to withdraw the same. However, he also submitted that the applicant is seeking permission to withdraw this reference without prejudice to the rights of the applicant- assessee to defend its case in criminal prosecution which is launched by the Department against the applicant- assessee. 4.�In view of the above statement, we allow the applicant to withdraw this reference and decline to give any answer to the questions referred to us. We, however, make it clear that withdrawal of this Reference will not cause any prejudice to the rights of the make it clear that withdrawal of this Reference will not cause any prejudice to the rights of the applicantassessee to defend its case in criminal prosecution. 5.�The Reference is accordingly disposed of with no order as to costs. ���(M.S. Shah,J)�(K.A. Puj,J) zgs/-