The Commissioner Of Income Tax-1 v. M/S.harisiddha Trading & Finance Ltd

(-1-) MGN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL, CIVIL JURISDICTION INCOME TAX APPEAL LODGING NO.1799 OF 2006 The Commissioner of Income Tax-1..Appellant Vs. M/s.Harisiddha Trading & Finance Ltd..Respondent WITH INCOME TAX APPEAL LODGING NO.1798 OF 2006 The Commissioner of Income Tax-1..Appellant Vs. M/s.Harisiddha Trading & Finance Ltd..Respondent Mr.A.S.Rao with Mr. P.S.Sahadevan for the Appellant. Mr.F.V. Irani with Mr. Atul K. Jasani, for the RespondentCORAM: F.I.REBELLO&R.S.MOHITE,JJ.DATED: 29TH JANUARY,2008 P.C.: P.C.: . The question of law as framed in both these appeals is as under:- "Whether in the facts and circumstances of the case and in law, the Tribunal is right in holding that while determining the ALV of the property u/s.23(1) the notional interest on interest free deposits can not be considered as a part and parcel of the ALV." (-2-) 2. This issue had come up for consideration Commissioner before a learned Bench of this Court in Commissioner of Income Tax vs. J.K. Investors (Bombay) Ltd.248 ITR 723. In that case an Appeal preferred by of Income Tax vs. J.K. Investors (Bombay) Ltd. 248 ITR 723. the Revenue for reasons set out therein was dismissed. Revenue aggrieved preferred S.L.P. in the Supreme Court. The Supreme Court was pleased to dismiss the Special Leave Petition. Considering the above the question as framed would not arise. Consequently, Appeals dismissed. (R.S.MOHITE, J.) (R.S.MOHITE, J.)(F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.)