Calcutta High Court
Warren Tea Limited vs Cit-Ii on 4 September, 2014
Author: Soumitra Pal
Bench: Soumitra Pal
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
ORIGINAL SIDE
ITA No. 49 of 2006
WARREN TEA LIMITED
Versus
CIT-II, KOLKATA & ANR.
BEFORE:
The Hon'ble JUSTICE SOUMITRA PAL
The Hon'ble JUSTICE ARINDAM SINHA Date : 4th September, 2014.
Ms. Nilanjana Pal Banerjee, Advocate Mr. R.N.Bandopadhyay, Adv. with Mr. Aniket Mitra, Advocate The Court : This appeal has come up in the list today at the instance of the appellant. By consent of the learned Advocates appearing for the parties, the appeal is taken up for hearing.
Heard the learned Advocates appearing for the parties. The appeal is admitted on the following question:
"Whether the interest earned by the petitioner from short term deposit of the surplus funds of the business can be treated as part of the profits of such business (meaning thereby the profits of the business of growing, manufacturing and sale of tea) and the benefit of deduction under section 33AB of the Act can be allowed by treating the said interest income as part of the profits of such business".
It is submitted by Mrs. Banerjee, learned Advocate appearing for the assessee that the question involved in the present appeal stands covered by the judgment dated 24th July, 2014 passed by our Court in ITA 2 No. 48 of 2006 (Warran Tea Ltd. vs. CCI-II, Kolkata & Anr) wherein identical question was involved, which has been answered in favour of the assessee and against the revenue.
Therefore, the question involved in the present appeal is answered in the positive, in favour of the assessee and against the revenue.
The appeal is thus disposed of.
(SOUMITRA PAL, J.) (ARINDAM SINHA, J.) km AR(CR)