1 rpa 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 APPEAL NO. 439 OF 2006 INCOME TAX APPEAL NO. 439 OF 2006 INCOME TAX APPEAL NO. 439 OF 2006 Ensemble Impex Pvt.Ltd. .. Appellant V/s. The Income Tax Officer,WD-2(1)(3) .. Respondent Mr.Vimal Gupta for the Appellant. Mr.Sameer Dalal the for Respondent. CORAM : BILAL NAZKI AND CORAM : BILAL NAZKI AND CORAM : BILAL NAZKI AND S.S.SHINDE, JJ. S.S.SHINDE, JJ. S.S.SHINDE, JJ. DATE : 3RD JULY, 2008. DATE : 3RD JULY, 2008. DATE : 3RD JULY, 2008. P.C.:- P.C.:- P.C.:- . Following questions have been framed as under : 1. Whether, on the facts and the circumstances of the case, and in law, the Tribunal was right in concluding that the reassessment was valid and legal ? 2. Whether in the facts and circumstances of the case, and in law, the Tribunal erred 2 in holding that the Appellant was not engaged in the business of money lending ? 3. Whether, in the facts and circumstances of the case, and in law, the Tribunal erred in holding that the claim was not allowable deduction while computing the income of the appellant ? 4. Without prejudice to the above, whether on the facts and circumstances of the case and in law, the claim of the appellant was allowable as business loss ? 2. By all these questions the assessee claimed that he was engaged in money lending business and therefore advancing loan. This is not factually correct. Because according to the Tribunal Authority, the facts available on record lead to the conclusion that the assessee is not engaged in the business of money lending but had only advanced certain money to two parties. It is also a fact that expect placing reliance on the clause under the other objects in the Memorandum of Association, no other evidence has been brought on record to establish that the assesseee is 3 carrying on business activity of money lending on regular basis. In fact, even from the Profit and Loss Account forming part of the annual accounts, there is no where any mention that the assessee is also carrying on business. As considered by us above, in fact, there is no element of any reflection of the activity of money lending business having been carried on by the assessee and in fact, to the contrary the annual accounts depict a picture that the assesseee is not involved in any such activity. 3. For these reasons, we do not find any substantial question of law. 4. The appeal is, accordingly, dismissed. (BILAL NAZKI, J.) (BILAL NAZKI, J.) (BILAL NAZKI, J.) (S.S.SHINDE, J.) (S.S.SHINDE, J.) (S.S.SHINDE, J.)