-1- IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. Income Tax Appeal No. 1096 of 2008 The Commissioner of Income Tax-3 ..Appellant vs. M/s Biraaj Textiles Trading P.Ltd. ..Respondent Mr.Vimal Gupta for appellant. Mr.J.D.Mistri with Mr.Raja Darak for respondent. CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. 29th August, 2008 29th August, 2008 29th August, 2008 P.C. P.C. P.C. 1. Heard the learned Counsel appearing for the appellant and the learned Counsel appearing for the respondent. 2. The above appeal is admitted on the following substantial question of law. A) Whether on the facts and in the circumstances of the case and in law, the Hon’ble Tribunal is right in deleting the addition made by the Assessing Officer on account of enhanced Annual Letting Value computed on the basis of rent received by the tenant on subletting of the premises belonging to the assessee? B) Whether on the facts and in the circumstances of the case and in law, the Hon’ble Tribunal is right in directing the Assessing Officer to accept the book profits as disclosed by the assessee and -2- exclude the addition made in the computation of net profit u/s 115JA of the I.T.Act on account of profit on sale of investment asset? 3. Mr.Vimal Gupta fairly states that the first question of law is covered against the revenue and in favour of the assessee in view of the unreported decision of this Court in the case of the Commissioner of Income Tax 3 Vs.M/s Akshay Textiles Trading delivered on 17th October, 2007 in Income Tax Appeal no.607 of 2005. Similarly the second question is also covered against the revenue and in favour of the assessee in view of the said decision of this Court. 4. In view thereof the appeal stands dismissed. (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.)