The Commissioner Of Income Tax v. M/S. National Stock Exchange Of

(-1-) hvn IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1384 OF 2007 INCOME TAX APPEAL NO. 1384 OF 2007 The Commissioner of Income Tax ... Appellant The Commissioner of Income Tax ... Appellant Versus M/s. National Stock Exchange of India Ltd. ... Respondent Mr.P.S. Sahadevan for the Appellant. Mr.S.S. Shetty with Mr.P.G. Tripathi for Respondent. CORAM: F.I. CORAM: F.I.REBELLO&R.S.MOHITE, JJ.DATED: 24TH MARCH, 2009 R.S.MOHITE, JJ. DATED: 24TH MARCH, 2009 P.C.: P.C.: . The revenue is in appeal on the following question : "Whether on the facts and in the circumstances of the case the Hon’ble Tribunal was justified in holding that the Assessee had "set up" its business during the previous year relevant to the Assessment Year 1994-95 and, in that view, is eligible for allowability of business expenses during the period between the setting up of the business and commencement of actual business?" (-2-) . From the facts on record we find that the assessee was incorporated on 27.11.1992. It was recognized by Government of India on 28.4.1993. On 11.1.1994 in its board meting the assessee prepared first lot of trading members under "Whole sale Debt Market Segment". First trial run was on 18.02.1994. We are concerned in this appeal with the assessment year 1994-95 corresponding to previous year 1993-94. . The tribunal on considering the facts and placing reliance on the judgment of this court in Western India 28 ITR 78 held that the company had commenced its business for the previous year which is relevant to assessment year 1994-95. In our opinion, this is purely a finding of fact. The question of law as framed would not arise. Consequently appeal dismissed. (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.)