Gujarat High Court
Infibeam Incorporation Ltd vs Deputy Commissioner Of Income Tax on 1 May, 2017
Author: M.R. Shah
Bench: M.R. Shah, B.N. Karia
O/TAXAP/224/2017 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 224 of 2017
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INFIBEAM INCORPORATION LTD.....Appellant(s)
Versus
DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2 (1)(1),....Opponent(s)
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Appearance:
DARSHAN R PATEL, ADVOCATE for the Appellant(s) No. 1
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CORAM:HONOURABLE MR.JUSTICE M.R. SHAH
and
HONOURABLE MR.JUSTICE B.N. KARIA
Date : 01/05/2017
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE M.R. SHAH) ADMIT. The following substantial questions of law arise to be considered in the present appeal :-
"(i). Whether on the facts and in law the Income Tax Appellate Tribunal has substantially erred in confirming the order of CIT(A) by holding that amounts directly credited to capital reserve account are to be considered for adjustment of books profits under section 115JB of the Income Tax Act, 1961?
(ii). Whether on the facts and in law can an Assessing Officer while assessing a company Page 1 of 2 HC-NIC Page 1 of 2 Created On Tue Aug 15 17:01:26 IST 2017 O/TAXAP/224/2017 ORDER for income tax under section 115JB of the Income Tax Act question the correctness of the profit and loss account prepared in accordance with the requirements of Parts II and III of Schedule-VI to the Companies Act?
(iii). Whether on facts of the case and in law, credits of revaluation to capital reserve account could be taxed in hands of the appellant company for the subject matter of assessment under computation of "Book Profits" under section 115JB?"
Sd/-
(M.R. SHAH, J.) Sd/-
(B.N. KARIA, J.) Rafik.
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