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2017 (5) TMI 1485 - HC - Income TaxBogus purchases - acceptance of Gross profit declared by assessee - Allowing deduction u/s 10B on the entire profit - Held that:- Controversy involved in this case is squarely covered by the decision of this Court in CIT, Jaipur-II, Jaipur Vs. M/s Aditya Gems [2016 (11) TMI 1464 - RAJASTHAN HIGH COURT] as remitted back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer on the basis of Vijay Proteins Ltd. Vs. Commissioner of Income Tax [2015 (4) TMI 1146 - SUPREME COURT] wherein confirmed the order passed by the Gujarat High Court [2015 (1) TMI 828 - GUJARAT HIGH COURT] and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2008 (3) TMI 323 - GUJARAT HIGH COURT) and N.K. Industries Ltd. Vs. Dy. C.I.T. [2016 (6) TMI 1139 - GUJARAT HIGH COURT ]. The issue is answered accordingly. The matter is remitted back to the Assessing Officer. It will be open for the assessee to raise all contentions including opportunity of cross-examination before the Assessing Officer.
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