Gujarat High Court
Commissioner Of Income Tax Ahmedabad ... vs Hirenbhai K Patel....Opponent(S) on 18 March, 2014
Author: Akil Kureshi
Bench: Akil Kureshi, Sonia Gokani
O/TAXAP/95/2014 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 95 of 2014
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COMMISSIONER OF INCOME TAX AHMEDABAD III....Appellant(s)
Versus
HIRENBHAI K PATEL....Opponent(s)
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Appearance:
MR NITIN K MEHTA, ADVOCATE for the Appellant(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MS JUSTICE SONIA GOKANI
Date : 18/03/2014
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI) Tax Appeal is admitted for consideration of following substantial question of law:
"A. Whether the Appellate Tribunal is right in law and on facts in holding that the Assessee's system of accounting is cash system for regular assessment proceedings even though when in the block assessment year, the Mercantile System of accounting had been accepted and adopted by the Assessee?
B. Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs.1,21,11,114/- made by the Assessing Officer while treating the same as interest income on repurchase of 1250 DDBs. Series B of Nirma Limited while relying upon the Board's circular No.2 of 2002 and confirmed by CIT(A)?
C. Whether the Appellate Tribunal is right in law and on facts in reversing the order passed by the CIT(A) and thereby deleting the addition of Rs.8,94,604/- being interest accrued on Bonds of Rural Electrification Corporation Ltd.?Page 1 of 2
O/TAXAP/95/2014 ORDER
D. Whether the Appellate Tribunal is right in law and on facts in
allowing the Assessee to raise the addition ground related to addition of an income of Rs.59,05,216/- on Optionally Fully Convertible Premium Notes (OFCPN) of Nirma Industries Ltd., and thereby holding that the interest of Rs.59,05,216/- could not be assessed in their hands of the Assessee in the year under consideration even when the same was offered by the Assessee himself as income in his return?
E. Whether the Appellate Tribunal is right in law and on facts in deleting the interest u/s.234D?"
To be heard with Tax Appeal No.766 of 2013.
(AKIL KURESHI, J.) (MS SONIA GOKANI, J.) (vjn) Page 2 of 2