:1: IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPLICATION NO.3 OF 2000 TAX APPLICATION NO.3 OF 2000 TAX APPLICATION NO.3 OF 2000 Credit Agricole Indosuez ..Applicant Vs. Commissioner of Income Tax ..Respondent Mr.H.Toor i/b. Cr.Bayley & Co. for the Applicant. Mr.B.M.Chatterjee with Mrs.P.P.Bhosale for the Respondent. CORAM CORAM CORAM :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & V.C.DAGA, V.C.DAGA, V.C.DAGA, JJ. JJ. JJ. DATE DATE DATE : 16TH APRIL, 2007 : 16TH APRIL, 2007 : 16TH APRIL, 2007 P.C. P.C. P.C. 1. Heard the learned Counsel for the parties. In the present matter, the following substantial question of law is sought to be raised: 1. "Whether on the facts and in the circumstances of the case, the Hon’ble Tribunal was right in holding that the applicant is liable to pay tax on interest on sticky loans though not credited in the accounts for the year?" 2. Both the learned Counsel for the parties fairly state that the above question of law is squarely covered by the Hon’ble Supreme Court in the case of UCO Bank Vs. Commissioner of Income Tax 237 UCO Bank Vs. Commissioner of Income Tax 237 UCO Bank Vs. Commissioner of Income Tax 237 ITR ITR ITR 889 889 889 and also a Division Bench of our High Court in the case of American Express International Banking American Express International Banking American Express International Banking Corporation Corporation Corporation Vs. Commissioner of Income Tax 258 ITR Vs. Commissioner of Income Tax 258 ITR Vs. Commissioner of Income Tax 258 ITR 601 601 601, in favour of the Assessee and against the Revenue. :2: 3. In view thereof, by consent, this Application itself is treated as Statement of Case in an Income Tax Reference and the above question is answered in favour of the Assessee and against the Revenue. Accordingly, the Application stands disposed of. (V.C.DAGA,J.) (V.C.DAGA,J.) (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)