Gujarat High Court
Commissioner Of Income Tax vs Purshottam Gopalji L.H Of Gopalji ... on 19 September, 2006
TAXAP/450/2006 1/1 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 450 of 2006
To
TAX APPEAL No. 451 of 2006
With
TAX APPEAL No. 455 of 2006
To
TAX APPEAL No. 456 of 2006
With
TAX APPEAL No. 459 of 2006
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COMMISSIONER OF INCOME TAX Appellant(s)
Versus
PURSHOTTAM GOPALJI L.H OF GOPALJI RATANJI Opponent(s)
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MR TANVISH U BHATT for Appellant(s) : 1
CORAM : HONOURABLE THE ACTING CHIEF JUSTICE Y.R.MEENA
HONOURABLE MR.JUSTICE A.S.DAVE
Date : 19/09/2006
COMMON ORAL ORDER
Heard learned counsel for the appellant. Considered the submissions. The appeals are admitted in terms of the following substantial question of law:
"Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was justified in holding that the transaction should be treated as business income applying provisions of section 45(2) of the Income Tax Act, 1961 dealing with capital gains overlooking that the same is an adventure in nature of trade chargeable as business income?"
Issue notice to the other side. Paper Book be filed within three months. List the appeals for final hearing after three months.
(Y.R. MEENA, ACTG. C.J.) (ANANT S. DAVE, J.) [sn devu] ps