ORDER SHEET IN HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE ITA No. 17 of 2000 C I T CENTRAL-I,CAL. Versus KANAK PACKAGING PRODUCTS P LTD. BEFORE: Hon'ble JUSTICE GIRISH CHANDRA GUPTA Hon'ble JUSTICE ARINDAM SINHA Date : 29th April, 2015. Md. Nizamuddin, Adv. for Appellant Mr. Suvashis Sengupta, Adv. with Mr. Soumyajit Mishra, Adv. for Respondent. Court : appeal was presented on 5th January, 2000. Thereafter, no steps were taken to have appeal admitted. However, pursuant to rule issued by this Court,the assessee has appeared and is represented by counsel. Mr. Nizamuddin appearing for appellant-revenue submitted that learned Tribunal has allowed deduction of interest incurred for purpose of earning dividend. Therefore, order is clearly bad. submission of Mr. Nizamuddin is of no consequence because assessment year under consideration is 1989-90. income by way of dividend became exempted from taxation with effect from 1st April, 2004. Prior thereto, income arising out of dividend was not tax free. Therefore, any expenditure incurred for income would be allowable and learned Tribunal has taken correct view of matter. Therefore, there is no reason why appeal should be admitted. appeal is therefore dismissed. (GIRISH CHANDRA GUPTA, J.) (ARINDAM SINHA, J.) km CIT Central-I, Calcutta v. Kanak Packaging Products P Ltd