The Commissioner Of Income Tax,Central Iii v. M/S. Excel Industries Ltd
High Court
08 Feb 2013 In favour of: Assessee
Forum / Bench
High Court · newos
Parties
The Commissioner Of Income Tax,Central Iii v. M/S. Excel Industries Ltd
Date of order
08 Feb 2013
Assessment year(s)
2004-05
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In The Commissioner Of Income Tax,Central Iii v. M/S. Excel Industries Ltd, the High Court (2013) dismissed the appeal. The decision went in favour of the assessee.
Issue: 2)In this appeal by the revenue for assessment year 2004-05, following question has been raised for our consideration. a)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in law in directing the A.O.
Decision: 4)Accordingly, the appeal is dismissed with no order as to costs.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL (L) NO.1786 OF 2012
The Commissioner of Income Tax,Central III.
v.
M/s. Excel Industries Ltd.
...Appellant.
...Respondent.
Mr. Vimal Gupta, Sr. Advocate with Ms. Padma Divakar for the Appellant.Ms. Vasanti Patel, Advocate for the Respondent.
CORAM : J.P. DEVADHAR AND
M.S. SANKLECHA, JJ.
DATE : 08TH FEBRUARY, 2013.
PC:
Office objections waived.
2)In this appeal by the revenue for assessment year 2004-05, following question has been raised for our consideration.
a)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in law in directing the A.O. To decide the issue of dis-allowance of interest on loan advanced to subsidiaries and others by relying on decision of Apex Court in case of S.A. Builders Ltd. When the Apex Court in case of M/s.Tulip Star Hotels Limited has decided to reconsider its decision in case of S.A. Builders Ltd.?
3)Since the Tribunal by the impugned order has remanded the matter to the Assessing officer for fresh consideration keeping in view the decision of the Apex Court in the matter of S.A. Builders v. CIT reported in 288 ITR 1, we see no reason to entertain the proposed question of law. However, it is made clear that the Assessing officer would not only consider the decision of the Apex Court in S.A. Builders (supra) but also consider other decisions which are relevant to the issue being considered on remand.
4)Accordingly, the appeal is dismissed with no order as to costs.
(M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)
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