The Commissioner Of Income-Tax-3 v. M/S.akshya Textiles Trading

(-1-) IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.552 OF 2007 The Commissioner of Income-tax-3..Appellant Vs. M/s.Akshya Textiles Trading & Agencies Pvt. Ltd. ..Respondent Mr.Vimal Gupta with Mr. P.S. Sahadevan, for the Appellant Mr.J.D. Mistry with Mr. Raj Darak for the Respondent CORAM: F.I.REBELLO&R.S.MOHITE,JJ.DATED: 23RD JANUARY,2008 CORAM: F.I. R.S.MOHITE,JJ. P.C.: P.C.: . Appeal has been preferred on the following question:- "(i) Whether on the facts and in the circumstances of the case and in law, the Hon’ble Tribunal is right in directing to recomputed the assesses income by allowing the interest on borrowing utilized for purchase of shares to be held as stock in trade as business expenditure u/s.36(1)(iiii) and allow deduction u/s.80M on the gross dividend." consideration of this Court in Commissioner of Income Tax v. Emrald Co. Ltd., (2006) 284 ITR 586 (-2-) (Bom.). Considering the judgment of this Court in Emrald Co. Ltd. (supra) the question as framed would not arise. Consequently Appeal dismissed. (F.I.REBELLO, J.) (R.S.MOHITE, J.)(F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.)