SAS IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.77 OF 2009 INCOME TAX APPEAL NO.77 OF 2009 INCOME TAX APPEAL NO.77 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s.ICICI Bank Ltd. ..Respondent. Mr.Vimal Gupta for appellant. Mr.S.J.Mehta for respondent. CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 23RD APRIL, 2009. DATED : 23RD APRIL, 2009. DATED : 23RD APRIL, 2009. P.C. :- P.C. :- P.C. :- 1. Heard learned counsel for the rival parties. The appeal seeks to raise the following questions of law :- " Whether in the facts and circumstances of the case and in law, the ITAT was right in confirming CIT(A)’s order and thereby holding that the interest of PSU bonds was not chargeable to tax under the interest Tax Act, 1974 in as much as the same could not be classified as interest on loans and advances u/s.2(7) of Interest Tax Act, 1974?" 2. The question sought to be raised is covered by the judgment of the Lucknow Bench in the case of Commissioner of Income-tax (Central), Kanpur V/s. Commissioner of Income-tax (Central), Kanpur V/s. Commissioner of Income-tax (Central), Kanpur V/s. - = : 2 : = - Sahara India Mutual Benefit Co. Ltd. Sahara India Mutual Benefit Co. Ltd. Sahara India Mutual Benefit Co. Ltd. reported in [2006] 153 Taxman (All). [2006] 153 Taxman (All). [2006] 153 Taxman (All). The Tribunal has also relied upon the very same Judgment. The said judgment is also affirmed by the Apex Court. In this view of the matter, we do not see any substantial question of law. Appeal is dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)