ITR/87/1997 of GARDEN SILK MILLS LTD. Vs COMMISSIONER OF INCOME-TAX on 27 December 2000

1. Whether Reporters of Local Papers may be allowed : NO

to see the judgements?

2. To be referred to the Reporter or not? : NO

3. Whether Their Lordships wish to see the fair copy : NO

of the judgement?

4. Whether this case involves a substantial question : NO

of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder?

5. Whether it is to be circulated to the Civil Judge? : NO

-------------------------------------------------------------- GARDEN SILK MILLS LTD.

Versus

COMMISSIONER OF INCOME-TAX

-------------------------------------------------------------- Appearance:

MR MANISH J SHAH for Petitioner

MR MANISH R BHATT for Respondent No. 1

-------------------------------------------------------------- CORAM : CHIEF JUSTICE MR DM DHARMADHIKARI

and

MR.JUSTICE M.S.SHAH

Date of decision: 27/12/2000

ORAL JUDGEMENT

(Per : MR.JUSTICE M.S.SHAH)

In this appeal, the following question is referred to us :- "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the expenditure of Rs.1,37,97,274/in respect of the issue of right shares is capital expenditure ?"

At the hearing of the reference, the learned counsel for the parties state that the above referred question is already concluded by the decision of this Court in Siddhi Cement Ltd. vs. CIT, 138 ITR 45. In view of the above, we answer the question in the affirmative i.e. in favour of the revenue and against the assessee.

The reference is accordingly disposed of. There shall be no order as to costs.

����(D.M. Dharmadhikari, CJ)

����(M.S. Shah, J.)

sundar/-