Gujarat High Court
Principal Commissioner Of Income Tax 2 vs Genus Electrotech ... on 10 January, 2017
Author: M.R. Shah
Bench: M.R. Shah, B.N. Karia
O/TAXAP/893/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 893 of 2016
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PRINCIPAL COMMISSIONER OF INCOME TAX 2....Appellant(s)
Versus
GENUS ELECTROTECH LIMITED....Opponent(s)
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Appearance :
Mr. M.R BHATT Sr Advocate with Mrs MAUNA M BHATT, Advocate for
Appellant
Mr. NARESH JAIN for Mr. HIREN J TRIVEDI & Mr. SP MAJMUDAR,
Advocates for the Opponent
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CORAM: HONOURABLE Mr. JUSTICE M.R.
SHAH
and
HONOURABLE Mr. JUSTICE B.N.
KARIA
10th January 2017
ORAL ORDER (PER : HONOURABLE Mr. JUSTICE M.R. SHAH)
Heard Shri Manish R. Bhatt, learned senior advocate for the appellant and Shri Naresh Jain, learned counsel for the Opponent.
Present Tax Appeal is admitted to consider the following substantial questions of law :-
[A] Whether the Appellate Tribunal is right in law and on facts in deleting the addition made on Page 1 of 2 HC-NIC Page 1 of 2 Created On Sat Aug 12 04:34:26 IST 2017 O/TAXAP/893/2016 ORDER account of Debt Redemption Fund to the tune of Rs. 2.50 Crores while computing the profit as per books u/s. 115JB of the Act ?
[B] Whether the Appellate Tribunal has erred in law and on facts in holding that sales tax subsidy and excise subsidy being capital in nature does not form part of book profit u/s. 115JB of th Act ?
Shri S.P Majmudar, learned advocate waives service of notice of admission on behalf of the opponent.
To be heard with Tax Appeals No. 892 of 2016;
358 of 2012 & 599 of 2011.
{M.R Shah, J.} {B.N Karia, J.} Prakash Page 2 of 2 HC-NIC Page 2 of 2 Created On Sat Aug 12 04:34:26 IST 2017