KEC International Limited (As successor to M/s RPG Cables Ltd.) vs THE DEPUTY COMMISSIONER OF INCOME TAX,SR -19 MUMBAI.

Judgment text excerpt

Revati 901.ITXA.324.2003(J).docx Digitally SAYYED signed by IN THE HIGH COURT OF JUDICATURE AT BOMBAY SAEED SAYYED SAEED ALI ALI AHMED ALI ORDINARY ORIGINAL CIVIL JURISDICTION Date: AHMED 2025.01.30 ALI 16:42:59 +0530 INCOME TAX APPEAL NO.324 OF 2003 KEC International Limited (As successor to M/s RPG Cables Ltd.) RPG Center, 30 Forjett Street, Near Bhatia Hospital, Tardeo, Mumbai – 400 036 ...Appellant Versus Deputy Commissioner of Income- Tax, Special Range 19, Room 603, 6th Floor, Aayakar Bhavan, Churchgate, Mumbai – 20 ...Respondent _____________________________________________________ Mr. Madhur Agarwal a/w Mr. Punit Shah, Mr. Balasaheb Yewale and Ms. Rupali Vasaikar i/b. Rajesh Shah & Co. for Appellant. Mr. Suresh Kumar for Respondent. _____________________________________________________ CORAM : M. S. Sonak & Jitendra Jain, JJ. RESERVED ON : 23 January 2025 PRONOUNCED ON : 30 January 2025 JUDGMENT (Per Jitendra Jain J):- 1. This Income Tax Appeal is filed, under Section 260A of the Income Tax Act, 1961, by the Appellant-Assessee for the assessment year 1988-1989 challenging an order of the Income Tax Appellate Tribunal (Tribunal) dated 8 October 2002, whereby the Appellant- Assessee’s appeal challenging jurisdiction of the Commissioner of Income Tax to invoke revisional power under Section 263 of the Income Tax Act, 1961 (“the IT Act”) was dismissed. Page 1 of 25 Revati 901.ITXA.324.2003(J).docx 2. This appeal was admitted on 25 October 2004 on the following substantial question of law. :- “Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in holding that the deduction of the decapitalised interest of Rs.317.63 lacs (Rs.396.94 lacs minus Rs.79.21 lacs) pertaining to earlier years while computing book profits under Section 115