IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.54 OF 2001 The CIT Mumbai City-I ..Appellant Versus M/s.Asian Cables & Industries Ltd.,.Respondent ---- Mr.A.S.Rao for the appellant. Mr.R.Muralidhar i/by Rajesh Shah & Co. for the respondent. ---- Coram : F.I.Rebello & Coram : F.I.Rebello & Coram : F.I.Rebello & R.S.Mohite,JJ R.S.Mohite,JJ R.S.Mohite,JJ Date : 4.2.2008 PC 1. Admit, on the questions of law as formulated in paragraph-5 of the memo of appeal. 2. In so far as question no.1 is concerned, the issue is covered by the judgment of this Court in M/s.Ocean Carier Ltd., M/s.Ocean Carier Ltd., M/s.Ocean Carier Ltd., reported in 211 ITR 357. The said judgment has been confirmed by the Supreme Court in 278 ITR 546 and the question answered in favour of revenue. 3. In so far as question no.2 is concerned, the same is answered in favour of the assessee by the judgment reported in 261 ITR 275. Appeal stands disposed off accordingly. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)