Bombay High Court
Pr. Commissioner Of Income-Tax, 1 vs M/S. J B Boda And Co Pvt. Ltd on 24 September, 2019
Author: Nitin Jamdar
Bench: M.S. Sanklecha, Nitin Jamdar
skn 1 891.17-itxa.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 891 OF 2017
Pr.Commissioner of Income-Tax-1. ... Appellant.
V/s.
M/s. J.B. Boda & Co. Pvt.Ltd. ... Respondent.
Mr.Suresh Kumar for the Appellant.
Mr.Madhur Agarwal with Mr.U.A.Lokegaonkar i/b. Mint &
Confrerers for the Respondent.
CORAM : M.S. SANKLECHA AND
NITIN JAMDAR, JJ.
DATE : 24 September 2019.
P.C. :
Heard.
2. This Appeal relates to Assessment Year 2003-04.
3. Appeal is admitted on the following reframed substantial questions of law :-
"(a) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in directing the AO to allow the claim of Rs.4,58,90,061/- being business loss in respect of payment made by assessee to GIC?
(b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting ::: Uploaded on - 26/09/2019 ::: Downloaded on - 26/09/2019 20:56:12 ::: skn 2 891.17-itxa.doc disallowance of brokerage income received/ receivable from GIC amounting to Rs.40,09,079/-?
(c) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting disallowance of interest expenses u/s 36(1)(iii) of the Act in respect of investments made of Rs.50 lakh in Konkan Railway Corporation and Rs.10 lakh in GIC Mutual Fund?"
4. Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available, to be produced when sought for by the Court.
5. Mr.Agarwal, learned Counsel waives service for the Respondent.
(NITIN JAMDAR, J.) (M.S. SANKLECHA, J.) ::: Uploaded on - 26/09/2019 ::: Downloaded on - 26/09/2019 20:56:12 :::