Bombay High Court
The Principal Commissioner Of Income ... vs M/S. Triumph International Finance ... on 6 March, 2019
Bench: Akil Kureshi, M.S. Sanklecha
10. os itxa 1863-16.doc
R.M. AMBERKAR
(Private Secretary)
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
O.O.C.J.
INCOME TAX APPEAL NO. 1863 OF 2016
Pr. Commissioner of Income Tax-Central 4 .. Appellant
Versus
M/s. Triumph International Finance India Ltd .. Respondent
...................
Mr. N.C. Mohanty for the Appellant
Mr. Atul Jasani for the Respondent
...................
CORAM : AKIL KURESHI &
M.S. SANKLECHA, JJ.
DATE : MARCH 6, 2019.
P.C.:
1. Heard.
2. Learned counsel for the Revenue has placed on record an affidavit dated 14.2.2019 filed by the Principal Commissioner of Income Tax pointing out that there is an error in declaring the tax effect in this appeal. The actual tax effect is Rs. 3,50,39,428/-.
3. Income Tax Appeal is admitted for consideration of following substantial questions of law:-
"(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in allowing loss of Rs.
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10. os itxa 1863-16.doc 2,37,672/- on account of decrease in value of shares ignoring the fact that the business activities of the assessee were debarred by the Security and Exchange Board of India (SEBI) and SEBI's order was confirmed by the Hon'ble Supreme Court?
(ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding the assessee's claim of various expenses debited in P & L account of Rs. 9,02,06,224 as business expenses ignoring the fact that the business activities of the assessee were debarred by the SEBI and SEBI's order was confirmed by the Hon'ble Supreme Court?
(iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding that interest income of Rs. 1,23,96,113/- from deposits and of Rs. 12,58,117/- from fixed deposits are taxable as incidents business income instead of "income from other sources"
ignoring the fact that the business activities of the assessee were debarred by the SEBI and SEBI's order was confirmed by the Hon'ble Supreme Court?
4. Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and the proceedings relating to the present appeal available, to be produced when sought for by the Court.
5. Mr. Atul Jasani, learned counsel for the respondent waives service.
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10. os itxa 1863-16.doc
6. To be heard along with Income Tax Appeal No. 404 of 2013 and connected appeals.
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