The Commissioner Of Income Tax – 5, Mumbai v. Litolier Properties Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1056 OF 2010 The Commissioner of Income Tax – 5, Mumbai ..Appellant. Versus Litolier Properties Private Limited..Respondent. Mr.Suresh Kumar for the appellant.Mr.Pankaj R. Toprani with Ms.Kadambari Surve for the respondent. CORAM : J.P. Devadhar & A.A. Sayed, JJ. P.C. : DATE : 8[th] August, 2011. 1.The question of law raised by the Revenue in this appeal reads thus : “Whether on the facts and circumstances of the case and n law, the Tribunal was right in upholding the decision of CIT (A) in allowing the assessee’s claim of discounting charges on debentures written off amounting to Rs.1,10,23,600/- under Section 24(1) of the Income Tax Act, 1961 ?” 2.Similar orders passed by the Income Tax Appellate Tribunal for the assessment years 2003-04 and 2004-05 has been accepted by the Revenue. No case is made out to take a contrary view. Theappealis accordingly dismissed with no order as to costs. (A.A. Sayed, J.) (J.P. Devadhar, J.)