TMI Blog2016 (6) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... ecial Leave Petition has been dismissed. Regarding a claim contrary to the disclosures in the return, the Tribunal relied on the decision of Supreme Court in the case of the National Thermal Power (1996 (12) TMI 7 - SUPREME Court ) to observe that the purpose of assessment is to tax real income - Decided against revenue - TAX APPEAL NO. 382 of 2016 With TAX APPEAL NO. 383 of 2016 TO TAX APPEAL NO. 384 of 2016 - - - Dated:- 13-6-2016 - MR. AKIL KURESHI AMD MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR RK PATEL, ADVOCATE with MR BD KARIA, ADVOCATE with MR DARSHAN R PATEL - CAVEATOR COMMON ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Facts being identical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling from suomotu disallowance of ₹ 6.23 crores. In essence therefore the assessee questioned the entire disallowance made by the Assessing Officer. 4. After one round of remand, the Tribunal by the impugned order dated 28.10.2015, considered the issue on merit. The Tribunal came to the conclusion that the assessee had sufficient interest free funds in excess of interest free investments. The Tribunal recorded that the surplus percentage of interest free funds were at the rate of 373%. Referring to the decision of this Court in case of the assessee pertaining to the later assessment years, the Tribunal ruled in favour of the assessee and deleted the entire disallowance made by the Assessing Officer. The Tribunal rejected the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er (supra) a in case of Mitesh Impex had observed as under: 38. It thus becomes clear that the decision of the Supreme Court in the case of Goetze (India) Ltd. vs. Commissioner of Income-tax (supra) is confined to the powers of the assessing officer and accepting a claim without revised return. This is what Supreme Court observed in the said judgment while distinguishing the judgment in the case of National Thermal Power Co. Ltd. vs. Commissioner of Income-tax (supra) and that is how various High Courts have viewed the dictum of the decision in the case of Goetze (India) Ltd. vs. Commissioner of Income-tax (supra). When it comes to the power of Appellate Commissioner or the Tribunal, the Courts have recognized their jurisdi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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