Rajasthan High Court - Jaipur
Cit vs M/S Jk Jewellers International on 2 November, 2016
Author: K.S. Jhaveri
Bench: K.S. Jhaveri
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IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN
AT JAIPUR BENCH, JAIPUR
JUDGMENT
DB INCOME TAX APPEAL NO.16/2011.
Commissioner of Income Tax, Jaipur-III, Jaipur.
Vs.
M/s J.K. Jewelers International, A-36, Takteshahi Road, JLN Marg,
Jaipur.
Date of order : 02.11.2016.
HON'BLE MR. JUSTICE K.S. JHAVERI
HON'BLE MR. JUSTICE MAHENDRA MAHESHWARI
Mr. Sameer Jain for the appellant.
Mr. S.L. Poddar for the respondent.
BY THE COURT:
1. By way of this appeal, the appellant has challenged the judgment of the Tribunal whereby the Tribunal has dismissed the appeal filed by the department and partly allowed the appeal of the assessee.
2. Heard learned counsel for the parties.
3. Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, Special Leave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby the Supreme Court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K. Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on 20.06.2016, the parties are bound by the principle of law pronounced in the aforesaid three judgments.
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4. We remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer on the basis of the aforesaid three judgments. The issues are answered accordingly. The appeal is accordingly disposed of.
(MAHENDRA MAHESHWARI), J. (K.S. JHAVERI), J. bblm