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 APPLICATION NO.221 OF 2002 INCOME TAX APPLICATION NO.221 OF 2002 INCOME TAX APPLICATION NO.221 OF 2002 The Commissioner of Income Tax Mumbai City-I, Mumbai .. Petitioner V/s M/s.Shantaram Productions P.Ltd. .. Respondent Mr.A.N.Kotangale for the Petitioner. CORAM : DR.S.RADHAKRISHNAN CORAM : DR.S.RADHAKRISHNAN CORAM : DR.S.RADHAKRISHNAN & J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATE : 13th February, 2007. DATE : 13th February, 2007. DATE : 13th February, 2007. P.C.: P.C.: P.C.: 1. Heard the learned Counsel for the Petitioner. In this Appeal, the following substantial question of law is sought to be raised:- "Whether on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the order of CIT (A) that subsidy of Rs.1,42,822/- received from the Government of Maharashtra towards the cost of production of picture ‘Zunj’ was capital receipt and thereby not includible in the total income of the assessee?" 2. Since the issue raised in the Application has already been covered by the judgment of the Apex Court in the case of CIT V/s.P.J.Chemicals Ltd.- (1994) 21 ITR CIT V/s.P.J.Chemicals Ltd.- (1994) 21 ITR CIT V/s.P.J.Chemicals Ltd.- (1994) 21 ITR 830 (SC 830 (SC 830 (SC), the Reference Application was dismissed by the Tribunal. We are not inclined to interfere. The Application stands dismissed. (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)