1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR INCOME TAX REFERENCE No.5 OF 2003 (The Commissioner of Income Tax-Vidarbha, Nagpur ..vs.. M/s Abhijit Iron Processors Pvt. Ltd., Nagpur) ------------------------------------------------------------------------------------------------------------------------------- Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's order of directions and Registrar's orders ------------------------------------------------------------------------------------------------------------------------------------ Shri A.S. Jaiswal, Advocate for the applicant, Shri K.P. Dewani, Advocate for the respondent. CORAM:- J.P. DEVADHAR AND A.B. CHAUDHARI, JJ. DATED :- 21 st OCTOBER, 2010 1. At the instance of the Commissioner of Income-tax, Nagpur, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court- “Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the CIT(A) directing the Assessing Officer to include interest income in the gross total income while computing deduction under Section 80-I of the Act ?” 2. In the light of the judgment of this Court in the case of Commissioner of Income Tax vs. Vidyut Corporation reported in (2010) 324 ITR 221, learned Counsel on both sides agreed that the question raised in the reference has to be answered in favour of the revenue and against the assessee. However, Counsel on both sides 2 state that since the ITAT has not given any categorical finding as to whether the interest income in the present case is assessable as business income or income from other sources, appropriate directions may be issued in that behalf. 3. In this view of the matter, while answering the question raised in the reference in favour of the revenue, we direct that the Tribunal while giving effect to this order shall record a finding as to whether the interest income constitutes business income or not and grant relief under section 80I only if it is held that the interest income is business income. 4. The reference is disposed of accordingly with no order as to costs. JUDGE JUDGE pma