Commissioner Of Income Tax-V v. M/S Orient Crafts Limited

$~6 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 556/2016 & CM No. 27840/2016 COMMISSIONER OF INCOME TAX-V ..... Appellant Through:

Mr. Dileep Shivpuri, Sr. Standing Counsel along with Mr. Sanjay Kumar, Jr. Standing Counsel.

versus M/S ORIENT CRAFTS LIMITED ..... Respondent Through:

Mr. Salil, Advocate along with mr.

Prakash Kumar, Advocate.

CORAM:

HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE V. KAMESWAR RAO

O R D E R

% 19.09.2016 The revenue's appeal is delayed by 492 days; the explanation for the delay in re-filing the appeal cannot be termed as "sufficient cause". Even otherwise, the question urged i.e. the treatment of interest earned by the assessee prior to date of the commencement of its business, - whether it is capital or revenue in nature has been held against the revenue itself for the previous AY 2007-2008 in ITA No. 801/2015. This court notices that the said judgment was based upon application of the rule enunciated by the Supreme Court in Indian Oil Panipat Consortium vs. Commissioner of Income Tax reported in (2009) 315 ITR 255. In Indian Oil (supra) in turn had taken into consideration all previous binding judgments of the Supreme Court on the point. Consequently, no question of law arises; the appeal is therefore

dismissed as well.

S. RAVINDRA BHAT, J V. KAMESWAR RAO, J SEPTEMBER 19, 2016 sapna