Gujarat High Court
Pr.Commissioner Of Income ... vs M/S.Gujarat Metal Cast Industries ... on 29 March, 2016
Author: Harsha Devani
Bench: Harsha Devani, G.R.Udhwani
O/TAXAP/151/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 151 of 2016
==========================================================
PR.COMMISSIONER OF INCOME TAX-VADODARA-1....Appellant(s)
Versus
M/S.GUJARAT METAL CAST INDUSTRIES LTD.....Opponent(s)
==========================================================
Appearance:
MR KM PARIKH, SENIOR STANDING COUNSEL for the Appellants.
==========================================================
CORAM: HONOURABLE MS.JUSTICE HARSHA DEVANI
and
HONOURABLE MR.JUSTICE G.R.UDHWANI
Date : 29/03/2016
ORAL ORDER
(PER : HONOURABLE MS.JUSTICE HARSHA DEVANI)
1. In this appeal, the appellant has proposed two questions. One arises out of ITA No.2459/Ahd/2010 and the other arises out of C.O. No.176/Ahd/2011. Under the circumstances, this appeal is treated as an appeal only in relation to the order of Tribunal passed in ITA No.2459/Ahd/2010. The appellant is permitted to file a fresh appeal in relation to the order of the Tribunal arising out of C.O. No.176/Ahd/2011. Since this appeal has been filed within the period of limitation, the appeal that may be filed by the appellant against the order of Tribunal in C.O. Page 1 of 3 HC-NIC Page 1 of 3 Created On Thu Mar 31 00:43:35 IST 2016 O/TAXAP/151/2016 ORDER No.176/Ahd/2011, shall be treated as having been filed within the period of limitation.
2. Heard Mr. Ketan Parikh, learned Senior Standing Counsel for the appellant.
3. ADMIT.
4. The following substantial question of law arises for consideration:
"Whether the Income Tax Appellate Tribunal was justified in holding that the assessee was entitled to reduction of amounts of profits of sick industrial company from its book profit for the year in which the entire net worth of such company became equal to or exceeded the accumulated losses under clause (vii) of the Explanation to section 115JB of the Income Tax Act, 1961?
(HARSHA DEVANI, J.)
(G.R.UDHWANI, J.)
Page 2 of 3
HC-NIC Page 2 of 3 Created On Thu Mar 31 00:43:35 IST 2016
O/TAXAP/151/2016 ORDER
sompura
Page 3 of 3
HC-NIC Page 3 of 3 Created On Thu Mar 31 00:43:35 IST 2016