The Commissioner Of Income Tax v. M/S Shoppers Stop Limited

kps IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.474 OF 2012WITHINCOME TAX APPEAL NO.475 OF 2012 The Commissioner of Income Tax. ..Appellant -Versus- M/s Shoppers Stop Limited...Respondent ........... Mr.Ashok Kotangale with Ms.Padma Divakar, for the Appellant/ Revenue.Ms.Punthi Lad i/by Maneksha & Sethna, for the Respondent/ Assessee............ CORAM: S.C. DHARMADHIKARI AND B.P. COLABAWALLA, JJ. DATE :- 09[th] July, 2014 P.C.: 1 We have heard Mr.Kotangale, learned counsel appearing for the Revenue. We have also heard Ms.Lad, learned counsel appearing for the Assessee. The Tribunal has, in relation to the question projected before us as substantial question of law, found on facts that there were sufficient funds for the purpose of investment available with the Assessee. The documentary evidence in relation thereto was produced before the Tribunal. That indicated as to how there was increase in investment by Rs.242.10 millions in the year whereas the shareholder fund of the Assessee was increased to Rs.1752 millions. Thus, it is seven times more than the Assessee's investment made during the year. It is also evident that the profit after tax itself was much more and that could have covered the volume of investment. In these circumstances the concurrent findings have been reversed by the Tribunal by observing that the Assessee has sufficient own funds. When the Assessee has borrowed the funds even when he is having own funds, the presumption always goes in favour of the Assessee that the Assessee made investments out of own funds. The course adopted by the Tribunal was also in accordance with the judgment of this Court and which is referred to in the order under challenge. 2For the aforesaid reasons we are of the opinion that the only question projected as substantial question of law by the Revenue would not enable us to entertain these Appeals. We are of the opinion that the findings of fact do not give rise to any substantial question of law. The Appeals are devoid of any merit and are dismissed. No costs. (B.P. COLABAWALLA, J.) (S.C. DHARMADHIKARI, J.)