{"id":151897,"date":"2002-08-06T00:00:00","date_gmt":"2002-08-05T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-window-glass-ltd-on-6-august-2002"},"modified":"2018-04-24T09:55:17","modified_gmt":"2018-04-24T04:25:17","slug":"commissioner-of-income-tax-vs-window-glass-ltd-on-6-august-2002","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-window-glass-ltd-on-6-august-2002","title":{"rendered":"Commissioner Of Income Tax vs Window Glass Ltd. on 6 August, 2002"},"content":{"rendered":"<div class=\"docsource_main\">Calcutta High Court<\/div>\n<div class=\"doc_title\">Commissioner Of Income Tax vs Window Glass Ltd. on 6 August, 2002<\/div>\n<div class=\"doc_citations\">Equivalent citations: (2003) 179 CTR Cal 602<\/div>\n<div class=\"doc_bench\">Bench: A N Ray, I Banerjee<\/div>\n<\/p>\n<pre><\/pre>\n<p>ORDER<\/p>\n<p>1. This is a petition of appeal by the Revenue under Section 260A. The appeal is intended to be filed in respect of a sum of Rs. 11.41 lakh, representing interest paid by the assessee in respect of business loans taken by it from the bank, deduction having been claimed therefor in the return.\n<\/p>\n<p>2. The assessee has been successful both at the appellate stage and before the Tribunal. The assessee was unsuccessful before the AO who did not accept the assessee&#8217;s argument about interest-free loans given to its subsidiary M\/s Croton Trading Ltd. The reasoning of the AO was that because interest-free loan has been given by  the assessee to its subsidiary, the assessee should not be entitled to deduct interest paid by itself to the bank. The argument made by the assessee that the interest-free loan was given by it to its subsidiary out of funds other than borrowed funds did not cut any ice with the AO.\n<\/p>\n<p>3. We take note that almost in similar circumstances, for an earlier assessment year, viz. 1991-92 an appeal has been admitted by our Court. The amount involved there is about Rs. 10.53 lakh. The assessment year in question before us is 1993-94.\n<\/p>\n<p>4. Since there is no res judicata involved nor any point of precedent involved in a mere matter of admission of appeals and since the questions raised before us sound in facts and facts only the petition of appeal is summarily rejected.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calcutta High Court Commissioner Of Income Tax vs Window Glass Ltd. on 6 August, 2002 Equivalent citations: (2003) 179 CTR Cal 602 Bench: A N Ray, I Banerjee ORDER 1. This is a petition of appeal by the Revenue under Section 260A. The appeal is intended to be filed in respect of a sum of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,8],"tags":[],"class_list":["post-151897","post","type-post","status-publish","format-standard","hentry","category-calcutta-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income Tax vs Window Glass Ltd. on 6 August, 2002 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-window-glass-ltd-on-6-august-2002\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commissioner Of Income Tax vs Window Glass Ltd. on 6 August, 2002 - Free Judgements of Supreme Court &amp; 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