Gujarat High Court
Deputy C.I.T vs Amod Petrochem Pvt.Ltd on 14 June, 2000
Author: A.R.Dave
Bench: A.R.Dave
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No 122 of 1999
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DEPUTY C.I.T.
Versus
AMOD PETROCHEM PVT.LTD.
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Appearance:
MR MANISH R BHATT for Petitioner
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CORAM : MR.JUSTICE R.K.ABICHANDANI
and
MR.JUSTICE A.R.DAVE
Date of Order: 14/06/2000
ORAL ORDER
Admit.
The following question of law is formulated in this appeal:-
"Is the Tribunal right in holding that liability to pay tax in respect of the unexplained deposits of Rs. 1,61,895/- did not arise on the ground that the company was incorporated on 14.2.85 while the cash credits were shown to have been introduced in the books of accounts of the company on 16.1.85, and in relying upon the decision of the Supreme Court in CIT v. City Mills Distributors (P) Ltd., reported in 219 ITR 1, and not taking into account the aspect of ratification by the company of the deposits in question, the genuineness of which could not be established during the assessment?"
(R.K. Abichandani, J.) (A.R. Dave, J.) (hn)