The Commissioner Of Income Tax,Central Iii v. M/S. Excel Industries Ltd

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1787 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 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 2003-04, following questions have been raised for our consideration. a)Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that Advance License benefits, Passbook, benefits, DEPB benefits, DFRC benefits, and reversal of advance license applications are not taxable on accrual basis and taxable only in the year in which these are actually utilized by the assessee? b)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 the Apex Court in the 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 the case of S.A. Builders Ltd.? 3)Counsel for the parties state that both the questions raised by the revenue were also the subject matter of Income Tax Appeal Lodging No.1785 of 2012 filed by the revenue. We have today passed an order in revenue's appeal being Income Tax Appeal Lodging No.1785 of 2012 in respect of the same respondent assessee and for the reasons mentioned therein this appeal is also disposed of in terms of the order passed in Income Appeal Lodging No.1785 of 2012. 4)Accordingly, the appeal is, disposed of in the above terms. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)