Gujarat High Court
Gujarat Co-Op. Milk Marketing ... vs Dy.C.I.T.(Asstt) on 30 June, 2003
Author: A.R.Dave
Bench: A.R.Dave, A.M.Kapadia
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No 161 of 2003
with
TAX APPEALS Nos. 162, 163 of 2003
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GUJARAT CO-OP. MILK MARKETING FEDERATION LTD.
Versus
DY.C.I.T.(ASSTT)
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Appearance:
1. TAX APPEAL No. 161 of 2003
MRS SWATI SOPARKAR for Petitioner No. 1
.......... for Respondent No. 1
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CORAM : MR.JUSTICE A.R.DAVE
and
MR.JUSTICE A.M.KAPADIA
Date of Order: 30/06/2003
ORAL ORDER
(Per : MR.JUSTICE A.R.DAVE) Admit. In our opinion, the following substantial questions of law arise in this appeal :
1. Whether, in the facts and circumstances of the case, the ITAT was right in law in holding that the amount transferred to reserve fund account as per the provisions of sec. 67 of Gujarat State Co-operative Societies Act was not a diversion of income at source by overriding title?
2. Whether, on the facts and in the circumstances of the case, the ITAT was right in law in holding that the transfer to reserve fund cannot be treated as a business expenditure and allowed deduction u/s 28/37 of the I.T. Act, 1961?
To be heard with I.T.R No. 86/96. (A.R. Dave, J.) (A.M.Kapadia, J.) (hn)