Case: Commissioner of Income Tax Vs. Reliance Industries Ltd

4. These appeals have arisen from the judgment of the Bombay High Court dt. 22nd & 23rd Aug., 2017 for asst. yrs. 2003-04, 2004-05, 2005-06 and 2006-075. The High Court has passed a common order for all the assessment years.

Reasoning:
7. Insofar as the first question is concerned, the issue raises a pure question of fact. The High Court has noted the finding of the Tribunal that the interest-free funds available to the Assessee were sufficient to meet its investment. Hence, it could be presumed that the investments were made from the interest-free funds available with the Assessee. The Tribunal has also followed its own order for asst. yr. 2002-038. In view of the above findings, we find no reason to interfere with the judgment of the High Court in regard to the first question9. Insofar as the second question is concerned (concerned), the issue, it is common ground, is governed by the decision of this Court in Plastiblends India Ltd. v. Addl. CIT and Anr. (2017) 298 CTR (SC) 281   : (2017) 158 DTR (SC) 1 : (2017) 9 SCC 68511. As regards, the third question pertaining to pre-operative expenses; the fourth question pertaining to the deduction Under Section 80M of the Act; and the fifth question pertaining to transfer pricing, the High Court has failed to independently evaluate the merits of the Departmental appeals.