The Commissioner Of Income Tax-1 v. M/S.birla International Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.341 OF 2008 The Commissioner of Income Tax-1...Appellant vs. M/s.Birla International Pvt.Ltd....Respondent. --- Mr.V.G.Gupta, for appellant. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ.DATED: 8[th] August, 2008. P.C.:- 1.Heard the learned Counsel appearing for theappellant. Admit, on the following questions oflaw:- “(a)Whether on the facts and in thecircumstances of the case and in law, the Tribunal was justified in deleting the disallowance ofRs.1,29,25,000/- being interest on borrowings inrespect of investment in Zenith Ltd. ? (b)Whether on the facts and in the circumstances of the case and in law, the Tribunalwas right in holding that the assessee had madeinvestment in 0% Debenture during normal course ofbusiness with expectation of huge profit when in factthe debentures were issued by the group concerns ofthe respondent assessee ? To be heard alongwith Income Tax Appealno.36 of 2007. (D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.)