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2016 (11) TMI 1695 - HC - Income TaxBogus purchases - Addition u/s 69C - HELD THAT:- Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. [2015 (4) TMI 1146 - SC ORDER] whereby the Supreme Court has dismissed the SLP and confirmed the order passed by the Gujarat High Court [2008 (3) TMI 323 - 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 parties are bound by the principle of law pronounced in the aforesaid three judgments. We remit 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 the aforesaid three judgments.
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