Gujarat High Court
Principal Commissioner Of Income Tax - 4 vs M/S Torrent Private Limited on 26 March, 2019
Author: Harsha Devani
Bench: Harsha Devani, Bhargav D. Karia
C/TAXAP/1225/2018 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/TAX APPEAL NO. 1225 of 2018
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PRINCIPAL COMMISSIONER OF INCOME TAX - 4
Versus
M/S TORRENT PRIVATE LIMITED
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Appearance:
MR M. R. BHATT, SENIOR ADVOCATE with MRS MAUNA M BHATT(174)
for the Appellant
MR B S SOPARKAR(6851) for the Respondent
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CORAM: HONOURABLE MS.JUSTICE HARSHA DEVANI
and
HONOURABLE MR. JUSTICE BHARGAV D. KARIA
Date : 26/03/2019
ORAL ORDER
(PER : HONOURABLE MS.JUSTICE HARSHA DEVANI)
1. Heard Mr. M. R. Bhatt, Senior Advocate, learned counsel for the appellant and Mr. B. S. Soparkar, learned advocate for the respondent.
2. Having regard to the submissions advanced by the learned advocates for the respective parties, the court is of the view that the matter requires consideration. Hence, ADMIT. The following substantial question of law arises for consideration:
"Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in deleting disallowance of provision for diminution in value of investment of Rs.13,85,00,000/- while Page 1 of 2 C/TAXAP/1225/2018 ORDER computing book profit under section 115JB of the Income Tax Act, 1961?"
3. Heard the learned advocates for the respective parties.
4. Arguments are concluded. Matter to be listed for dictation of judgment on 1st April, 2019.
(HARSHA DEVANI, J) (BHARGAV D. KARIA, J) B.U. PARMAR Page 2 of 2