The Commissioner Of Income Tax – 3, Mumbai v. M/S.su-Raj Diamond & Jewellery Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1317 OF 2009 The Commissioner of Income Tax – 3, Mumbai..Appellant. Versus M/s.Su-Raj Diamond & Jewellery Limited ..Respondent. Mr.Vimal Gupta for the appellant.Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar & A.A. Sayed, JJ. P.C. : DATE : 4[th] August, 2011. 1.This appeal was admitted on 22[nd] June 2009 on the following substantial question of law. “Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the order of CIT (A) in holding that 90% of net interest and not gross interest will be eligible for deducting from the business profit while calculating deduction u/s. 80HHC of the Income Tax Act ?” 2.Counsel for the parties state that the question of law is already answered in favour of the Revenue and against the assessee by the judgment of this Court in the case of Commissioner of Income Tax V/s. Asian Star Company Limited reported in (2010) 326 ITR 56 (Bom). In this view of the matter, the appeal is disposed off by answering the question in favour of the Revenue and against the assessee. No costs. (A.A. Sayed, J.) (J.P. Devadhar, J.)