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Calcutta High Court

Commissioner Of Income Tax vs M/S. Associated Pigments Limited on 23 February, 2011

Author: Bhaskar Bhattacharya

Bench: Sambuddha Chakrabarti, Bhaskar Bhattacharya

                              GA No. 420 of 2011
                              ITAT No. 38 of 2011

                    IN THE HIGH COURT AT CALCUTTA

                              Special Jurisdiction
                                [ Income Tax ]

                                ORIGINAL SIDE


            COMMISSIONER OF INCOME TAX, KOLKATA -IV, KOL.

                                    Versus

                  M/S. ASSOCIATED PIGMENTS LIMITED


For Appellant : Ms. Soma Chatterjee, adv.


BEFORE:

The Hon'ble JUSTICE BHATTACHARYA
                A n d
The Hon'ble JUSTICE DR. SAMBUDDHA CHAKRABARTI

Date : 23rd February, 2011.



                This appeal will be heard on the following substantial question

  of law:

                "Whether the learned Tribunal below committed substantial

  error of law in holding that wrong declaration by way of inflated stock with a

  view to obtain higher overdraft facility from the bank is not binding upon the

  assessee notwithstanding the fact that in this case the assessee did not give

  sufficient explanation showing that such statement was really a wrong

  statement made before the bank."

                Let notice of this appeal be served by the department on the

  respondent on usual course.

Let requisite number of informal paper book containing all relevant papers used before the authority below be filed within two months from date. In default, the appeal will stand dismissed.

Liberty to mention after filing of paper book for inclusion in the hearing list.

Urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.

(BHATTACHARYA, J.) (DR. SAMBUDDHA CHAKRABARTI, J.) sm AR[CR]