Gujarat High Court
N.K. Industries Ltd vs Dy.C.I.T. - Opponent(S) on 18 October, 2005
TAXAP/241/2003 1/3 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 241 of 2003
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N.K. INDUSTRIES LTD. - Appellant(s)
Versus
DY.C.I.T. - Opponent(s)
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Appearance :
MR JP SHAH for Appellant(s) : 1,
MR TANVISH U BHATT for Opponent(s) : 1,
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CORAM : HONOURABLE MR.JUSTICE D.A.MEHTA
and
HONOURABLE MS.JUSTICE H.N.DEVANI
Date : 18/10/2005
ORAL ORDER
(Per : HONOURABLE MR.JUSTICE D.A.MEHTA) 1 The appellant has proposed as many as eight questions, however, only two issues arise from the Tribunal's order in I.T.(SS)A No.38/Ahd/2002. 2 Heard Mr.J.P.Shah and Mr.T.U.Bhatt, learned Counsel appearing for the appellant and the respondent respectively.
TAXAP/241/2003 2/3 ORDER
3 ADMIT.
4 The following substantial questions of law
arise for determination.
"(1) Whether on the facts and in the
circumstances of the case the Income Tax Appellate Tribunal was justified in confirming the addition of Rs.3,70,78,125/- as gross profit on sales of Rs.37.08 crores made by the Assessing Officer despite the fact that the said sales had admittedly been recorded in the regular books during Financial Year 1997-98 ?
(2) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that the Assessing Officer had rightly made additions in respect of purchases worth Rs.1,14,78,000/- from M/s. Somnath Industries and Rs.51,67,228/- from M/s.Krishna Marketing TAXAP/241/2003 3/3 ORDER in assessment which has been framed u/s.158BC of the Act, despite the fact that in proceedings under Section 132 of the Act no material was found in relation to said two parties to warrant such additions ?"
Sd/- Sd/-
(D.A.Mehta,J) (H.N.Devani,J)
m.m.bhatt