The Commissioner Of Income Tax -1,Mumbai v. M/S Birla International Pvt. Ltd.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.341 OF 2008 The Commissioner of Income Tax-1 ...Appellant vs.

M/s.Birla International Pvt.Ltd.

...Respondent.

--- Mr.V.G.Gupta, for appellant.

CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ.

DATED: 8th August, 2008.

P.C.:- 1.

Heard the learned Counsel appearing for the appellant. Admit, on the following questions of law:- "(a) Whether on the facts and in the circumstances of the case and in law, the Tribunal

was justified in deleting the disallowance of Rs.1,29,25,000/- being interest on borrowings in respect of investment in Zenith Ltd. ?

(b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the assessee had made investment in 0% Debenture during normal course of business with expectation of huge profit when in fact the debentures were issued by the group concerns of the respondent assessee ?

To be heard alongwith Income Tax Appeal no.36 of 2007.

(D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.)