The Commissioner Of Income Tax-1 v. M/S. Weizmann Limited

K IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2430 OF 2009 The Commissioner of Income Tax-1Vs.M/s. Weizmann Limited .. Appellant .. Respondent. Mr. Abhay Ahuja for the Appellant.Mr. Atul K Jasani for the Respondent. CORAM: J.P. DEVADHAR & K.K. TATED, JJ.DATE: 19TH SEPTEMBER, 2011. P.C. 1Whether the ITAT was justified in deleting the interest tax levied on the Assessee on the ground that the Assessee is not liable to be taxed under the Interest Tax Act, 1974, is the question raised in this Appeal. 2The ITAT in para 3 of its order has recorded a finding of fact that the Assessee’s income as well as the assets on account of non-banking financial business is much more than 50% and therefore, the Assessee’s principle business is neither that of financial company nor can it be said to be a credit institution and, therefore, the provisions of Interest Tax Act, 1974 are not applicable to the case of the Assessee in the assessment year in question. 3In our opinion, the decision of the ITAT is based on finding of fact, no question of law arises. Accordingly, Appeal is dismissed with no order as to costs. (J.P. DEVADHAR, J.) (K.K. TATED, J.)