The Commissioner Of Income Tax – Ii, Kolhapur v. Janhavi Investment Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1132 OF 2012 The Commissioner of Income Tax – II, Kolhapur Versus Janhavi Investment Private Limited ..Appellant. ..Respondent. Mr.Tejveer Singh for the appellant.Ms.Aasifa Khan for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 16[th] January 2013 P.C. : 1.In this appeal filed by the Revenue for assessment year 1996-1997, following question of law has been proposed for our consideration. “Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that the 'other income' of Rs.12,97,28,320/- is to be considered as business income of the respondent, when the same has correctly been taxed by the assessing officer under the head 'income from other sources' ?” 2.The Tribunal by the impugned order dated 28[th] February 2012 has allowed the respondent – assessee's appeal by following the decision in the assessee's own case for assessment year 1997-1998. The Revenue has accepted the order of the Tribunal for assessment year 1997-1998. No reason has been pointed out to take a view different from the view taken by the Tribunal for assessment year 1997-1998. Further, in the very same assessment year, the Tribunal by order dated 7[th] July 2011 in an Appeal against Section 263 order had held that the interest income is taxable under the head 'profits and gains of the business' and the Tribunal in the impugned order has followed the same. 3.In these circumstances, we do not propose to entertain the appeal. Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)