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Acit Corporate Circle 2, Coimbatore vs Elgi Electric & Industries Ltd., ... on 2 January, 2020
cites
Commissioner Of Income-Tax vs N.A. Swamy on 23 September, 1987
We have gone through the above case law as well as
the decision relied on by the ld. Counsel in the case of CIT v. N. Swamy
(supra), in which the case law relied on before the Tribunal was also relied
on before the Hon'ble Jurisdictional High Court and find that while applying
the case law as relied on by the ld. DR as well as in the case of Parimisetti
Seetharamamma v. CIT 57 ITR 532 (SC), in the case of CIT v. N. Swamy,
the Hon'ble Jurisdictional High Court has observed and held as under:
Coimbatore Spinning & Weaving Co. Ltd. vs Commissioner Of Income-Tax on 30 March, 1973
4.1 Before us, the ld. DR has relied on the decision in the case of
Coimbatore Spinning & Weaving Co. Ltd. v. CIT and pleaded for reversing
the appellate order.
Parimisetti Seetharamamma vs Commissioner Of Income-Tax, Hyderabad on 21 April, 1965
4.2 Respectfully following the above decision of the Hon'ble Jurisdictional
High Court, we sustain the appellate order in deleting the addition made
under section 69 of the Act. Thus, the ground raised by the Revenue stands
dismissed.
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