TMI Blog2012 (9) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... kil Kureshi, J. Revenue has challenged the judgment of the Income-tax Appellate Tribunal ( the Tribunal for short) dated 21-1-2011 raising following questions for our consideration : (A) Whether the Appellate Tribunal is right in law and on facts in deleting the disallowance of ₹ 46,964/- u/s. 36(1)(va) as the payment of P.F. deducted from the employee's contribution were dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of ₹ 57,04,000/- made by the Appellate Commissioner reversing the order of the Assessing Officer. In appeal before the Tribunal at the hands of the revenue, the Tribunal noted that the issue was squarely covered by the decision of the Gujarat High Court rendered in Tax Appeal No.703 of 2009 dated 02-08-2009 in case of this very assessee for earlier year. The High Court had rejected the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as unexplained investment. The CIT (Appeals), however, deleted such additions. Upon further appeal before the Tribunal, the Tribunal confirmed the appellate order relying on the earlier decisions of the Tribunal on the issue. The Tribunal noted that the provisions of section 50C of the Act will apply to a seller only and not to a purchaser. 6. As is well known, section 50C of the Act makes sp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
