The Cit City-Viii Bombay v. L.g.s.finance & Consultancy P.ltd

K.J. IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.2499 OF 2002 WITH INCOME TAX APPEAL (L) NO.735 OF 2002 The CIT City-VIII Bombay ..Appellant Versus L.G.S.Finance & Consultancy P.Ltd...Respondents ---- Mr.P.S.Sahadevan for the appellant. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Coram : F.I.Rebello & R.S.Mohite,JJ Date : 26th March, 2008. PC 1. There is a delay of 25 days. Considering the cause shown, delay condoned. INCOME TAX APPEAL (L) NO.735 OF 2002 . In the instant case the assessee company has advanced a loan in favour of one M/s.Vallabh Glass Factory. Vallabh Glass Factory was registered as a sick unit before the Board of Industrial Finance & Reconstruction (BIFR). The suit is filed by the assessee in this Court. The matter was settled for a sum of Rs.8 lakhs for the principal amount of Rs.10 lakhs. In these circumstances, Commissioner (Appeals) held that interest on the loan in question cannot be said as approved. In the appeal preferred by Revenue before ITAT the Tribunal concurred with : 2 : the finding recorded by CIT (A). In our opinion, considering the facts on record, it is purely a finding of fact and the question of law as framed would not arise and consequently, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)