The Commissioner Of Income Tax-8 v. M/S.valblanc Chemie Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.585 OF 2008 The Commissioner of Income Tax-8....Appellant. Vs. M/s.Valblanc Chemie Pvt.Ltd....Respondent. .... Mr. Vimal Gupta with Mr.Suresh Kumar and Mr.D.K.Kamwal for the Appellant.Mr.K.Gopal with Mr.Satendrakumar Pandey for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. March 19, 2010. P.C. : The appeal by the Revenue was admitted by an order dated 15[th] September 2008, on the following question of law: “Whether the Hon’ble ITAT is justified in law in directing the Assessing Officer to allow interest payment out of interest income while reducing the interest earned from the profit eligible for deduction under section 80 HHC?” 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.)