The Commissioner Of Income Tax-8 v. M/S.leela Scottish Lace Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.1817 OF 2009 The Commissioner of Income Tax-8. ...Appellant. Vs. M/s.Leela Scottish Lace Pvt. Ltd....Respondent. .... Mr. Vimal Gupta with Mr.Suresh Kumar for the Appellant.Mr.Nitesh Joshi with Mr.Atul K. Jasani for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. March 19, 2010. P.C. : The appeal was admitted by an order dated 18[th ] September 2008, on the following question of law: “Whether the Tribunal erred in directing to exclude net interest income and not gross interest income from profits and gains of business for arriving at the profits of the business for purposes of deduction u/s.80HHC of the I.T.Act, 1961?” Counsel appearing on behalf of the Revenue and Counsel appearing on behalf of the Assessee agreed that the question would be covered in favour of the Revenue and against the Assessee by the judgment of this Court delivered today in CIT vs. Asian Star Co. Ltd. (Income Tax Appeal No.200 of 2009). The question is accordingly answered in favour of the Revenue and against the assessee for the reasons stated in the judgment. The appeal is allowed. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)