The Commissioner Of Income Tax-1 v. M/S.blue Star Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL(L) NO.950 OF 2009 The Commissioner of Income Tax-1. Vs. ...Appellant. M/s.Blue Star Ltd....Respondent. .... Mr. Vimal Gupta with Mr.Suresh Kumar for the Appellant.Mr.J.B. Andhyarujina,Sr. Advocate with Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for the Respondent. .....CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. March 19, 2010. P.C. : The office objections are waived and the Registry is directed to register the appeal. The appeal was admitted on the following substantial questions of law: “A. Whether on the facts and in the circumstances of the case, the Tribunal is right in setting aside the issue of interest income to be assessed as business income to the file of Assessing Officer with the similar direction as contained in the Tribunal’s order in assessee’s case for A.Y. 1998-99? B.Whether on the facts and in the circumstances of the case, the Tribunal was right in law in directing the AO not to exclude 90% of the gross receipt of commission and interest while arriving at the profits of the business eligible for deduction u/s. 80HHC?” E. Whether on the facts and in the circumstances of the case, the Tribunal was right in law in directing the AO not to exclude 90% of the gross receipts of commission and interest while arriving at the profits of the business eligible for deduction u/s. 80HHE?” Counsel appearing on behalf of the Revenue and Counsel appearing on behalf of the Assessee agreed that the questions would be covered in favour of the Revenue and against the Assessee by the judgment of this Court delivered today in CIT vs. Asian Star Co. Ltd. (Income Tax Appeal No.200 of 2009). The questions are accordingly answered in favour of the Revenue and against the assessee for the reasons stated in the judgment. The appeal is allowed. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)