The Commissioner Of Income Tax v. M/S.parle (Exports) Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.990 OF 2008 The Commissioner of Income Tax, Vs. M/s.Parle (Exports) Pvt.Ltd. ..Appellant ..Respondent Mr.B.M.Chatterjee i/b.Ms.Anamika Malhotra for theAppellant. Mr.Prakash Shah with J.H.Motwani i/b. PDS Legal forthe Respondent. CORAM :- DR.S.RADHAKRISHNAN &V.C.DAGA, JJ. DATE : 19TH NOVEMBER, 2008 P.C. .Heard the learned Counsel for the parties. By the above Appeal, the Appellant is seeking to raise the following substantial questions of law. a) Whether on the facts and in thecircumstances of the case, the Hon’bleTribunal was right in law in holding the LdCIT(A)’s finding that assessee’s main businessis of granting loans & advances ?b) Whether on the facts and in thecircumstances of the case, the Hon’bleTribunal was justified in law in ignoring thefact that main activity of assessee ismanufacturing and trading of consumableproducts as is evidenced by the fact thatreceipt from sale of manufacturing productswas Rs.37.77 crores which is much more thanincome from other activities and assessee alsopays excise duty on manufactures goods?c) Whether on the facts and in thecircumstances of the case, the Hon’bleTribunal was justified in law in ignoring thatonly surplus funds have been utilized forgiving loans and advances that too to sisterconcerns and not to outsiders and this cannotenable assessee to claim that financing is itsmain business ? 2.We have perused the order dated 9th September, there is no substantial question of law involved in the above Appeal, the Appeal stands dismissed. (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.)