Maneesh Pharmaceuticals Ltd. v. PrincipalCommissionerofIncome TaxCentral 4
Case brief
What is this about?
Bombay High Court, OOCJ, ITA 1033/2024 (with IA 7/2026), decided 23 Feb 2026 (Kulkarni & Sathe JJ.). Revenue appeal against ITAT order dt. 25.10.2021, AY 2007-08 search assessment. Three substantial questions: interest-on-loan ALP addition Rs. 22,80,195; s.10B disallowance Rs. 3,07,34,644; s.68 addition Rs. 1,07,11,33,200 (share capital Rs. 70,42,000 + share premium Rs. 1,06,40,91,200), each resisted for want of incriminating material found in search; revenue relied on pending SLP Civil 5254-5265/2016 against All Cargo Global Logistics. Assessee relied on Supreme Court decision in PCIT Central-3 v. Abhisar Buildwell (P.) Ltd., (2023) 149 taxmann.com 399 (SC); revenue concurred. Appeal disposed of as squarely covered, no costs; interim application for early hearing also disposed of.
What did the court decide?
This Court disposed of the income-tax appeal because the issue stands squarely covered by the decision of the Supreme Court in Principal Commissioner of Income-tax, Central-3 vs. Abhisar Buildwell (P.) Ltd., (2023) 149 taxmann.com 399 (SC); learned counsel for the revenue did not dispute this position, and no separate adjudication of the three substantial questions was undertaken.