The Commissioner Of Income Tax-2 v. M/S. Jogani Constrtuction Ltd

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.860 OF 2011 The Commissioner of Income Tax-2...Appellant. v. M/s. Jogani Constrtuction Ltd...Respondent. Mr.Vimal Gupta, Sr. Advocate i/by Ms. Padma Divakar for the Appellant. Ms.Aasifa Khan i/by Ashok J. Patil for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 29TH JANUARY, 2013 PC: In this appeal by the revenue for assessment year 2000-01 the revenue has formulated the following question of law for our consideration. Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in allowing the claim of interest u/s. 36(1)(iii) of the Income Tax Act,1961 amounting to Rs.94,31,538 even though such interest expenditure pertained to an incomplete project of the assessee Company and the Assessee Company was following the “Project Completion” method of accounting wherein expenses incurred on incomplete projects were being shown as Work in Progress? 2)By the impugned order the Tribunal has allowed the assessee's appeal by following its decision in assessee's own case for earlier years. We are informed that the appeals filed by revenue for earlier years 1997-98, 1998-99 and 1999-2000 against the order of the Tribunal granting relief to the respondent assessee has been dismissed. 3)In view of the above, we see no reason to entertain the proposed question of law. 4)Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)