The Commissioner Of Income Tax – 4, Mumbai v. M/S.bakliwal Financial Services (I) P. Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1638 OF 2011 The Commissioner of Income Tax – 4, Mumbai..Appellant. Versus M/s.Bakliwal Financial Services (I) P. Limited..Respondent. Mr.Vimal Gupta, Senior Advocate i/by Ms.Padma Divakar for the appellant.None for the respondent. P.C. : 1.In this appeal by the Revenue for assessment year 2006-2007, following questions of law have been framed for our consideration. “a)Whether on the facts and circumstances of the case and in law, the Tribunal was justified in deleting the addtion of Rs.1,22,56,999/- made under Section 14(a) of the Income Tax Act, 1961 ? b)Whether on the facts and circumstances of the case and in law, the Tribunal was justified in holding that in computation of disallowance under Section 14A, there is no provision in rule 8D of the Income Tax Rules for reduction of current liability ?” 2.Since the Tribunal has allowed the respondent – assessee's appeal by following the decision of this Court in the matter of Godrej & Boyce Manufacturing Company Limited V/s. Deputy Commissioner of Income Tax reported in (2010) 328 ITR 81 (Bom), we see no reason to entertain the present appeal. 3.The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)