The Commissioner Of Income Tax-Vi v. M/S.lime Chemicals Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.1963 OF 2009 The Commissioner of Income Tax-VI. ...Appellant. Vs. M/s.Lime Chemicals Ltd. ...Respondent. .... Mr. Vimal Gupta with Mr.Suresh Kumar and Ms.Padma Divakar for the Appellant.None 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 1[st ] October 2009, on the following question of law: “Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that 90% of net interest only has to be reduced as per clause (baa) of Explanation below section 80HHC of the Income Tax Act, for the purpose of computing the deduction under section 80HHC of the Income Tax Act, 1961?” The assessee has been served. Though the Advocate has entered appearance on behalf of the assessee, the Advocate is absent when the appeal has been called out. The question raised in the appeal is 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). For the reasons indicated in the judgment, the question raised in the present case would have to be answered in favour of the Revenue and against the assessee. Ordered accordingly. The appeal is allowed. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)