The Commissioner Of Income Tax v. M/S. P. Leiner & Sons (I) Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.271 OF 2005 The Commissioner of Income Tax. ..Appellant. Vs. M/s. P. Leiner & Sons (I) Pvt. Ltd. ..Respondent. Mr. P.S. Sahadevan for the Appellant. Dr.K. Shivram with Mr.A.R. Singh for the Respondent. CORAM : F.I. REBELLO &DATED : 24th March,2008. R.S. MOHITE, JJ. PC : 1. In so far as Question A as framed in Para 4 of theAppeal memo, the same is covered by the judgment of theSupreme Court in the case of Commissioner of Income TaxVs. Laxmi Machinery Works in favour of the assessee. Consequently, the question of law as framed would not arise. 2. In so far as Question B is concerned, the same iscovered by the judgment of the Supreme Court in the case of Jt. Commissioner of Income Tax Vs. Mandideep Engg.and Pkg. Ind. Pvt. ltd. (2007) 292 ITR 1(SC). 3. In so far as interest amount is concerned, thelearned Tribunal has restored the matter back to thefile of Assessing Officer with directions to decide theissue afresh after examining the nexus of interestpayment with interest receipts, in the light of theTribunal order in the case of Lal Sons Enterprises (supra). Considering the above fact, the first part ofthe question of law as framed would not arise. So faras the later part of the question is concerned, theTribunal has held is to be the business income.Considering the finding of fact, the later part of the question would not arise and consequently the appeal dismissed. (R.S. MOHITE, J.) (F.I. REBELLO, J.)