The Commssioner Of Income-Tax v. M/S.redifussion Advertising Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1282 OF 2000 The Commssioner of Income-tax ...Appellant Versus M/s.Redifussion Advertising Ltd. ...Respondents ...... Mr.Vimal Gupta i/b Mr.R.N.Bandopadhyay for Appellant. Mr.R.Murlidhar with Mr.B.D.Damodar i/b Kanga & Co. for Respondents. ...... CORAM: SWANTANTER KUMAR, C.J. & CORAM: SWANTANTER KUMAR, C.J. & V.M.KANADE, J. V.M.KANADE, J. DATED: JUNE 19, 2008. P.C. P.C. 1. We have heard the learned Counsel appearing for the parties. 2. The present Tax Appeal is directed against the order of the Tribunal dated 28th April 2000. The principal grievance raised before us is that the conclusion arrived at by the Tribunal permitting deletion of Rs.33,52,116/- and not : 2 : counted as income upon the assessee reviving the entries in his Books of Accounts. It is stated that following question of law arises : "Whether on the facts and in the circumstances of the case the Tribunal was justified in law in deleting the addition of Rs.33,52,116/- made by the A.C. u/s.41(1) of the I.T.Act, 1961?" 3. We have perused the impugned Judgment as well as heard the Counsel appearing for the parties. 4. Firstly, we are of the considered view that no substantial question of law arises for consideration in the present Appeal. Furthermore, the Tribunal has rightly relied upon the Judgment of the Supreme Court in 236 ITR 518 - Commissioner 236 ITR 518 - Commissionerof Income-tax v. Sugauli Sugar Works (P.) Ltd. of Income-tax v. Sugauli Sugar Works (P.) Ltd. 5. In our view also, the following principle enunciated by the Supreme Court squarely applies to the facts of the present case: : 3 : "Thus, the obtaining by the assessee of a benefit by virtue of remission or cessation is sine qua non for the application of this section. The mere fact that the assessee has made an entry of transfer ion his accounts unilaterally will not enable the Department to say that section 41(1) would apply and the amount should be included in the total income of the assessee. The reasoning of the High Court is correct and we are in agreement with the same." 6. We see no reason. The Appeal is dismissed leaving the parties to bear their own costs. CHIEF JUSTICE V.M.KANADE, J.