Maheshwari Plywood's v. The Income-tax Officer, Ward 1(6), Nagpur
[Citation -2017-LL-0703-7]
| Citation | 2017-LL-0703-7 |
|---|---|
| Appellant Name | Maheshwari Plywood's |
| Respondent Name | The Income-tax Officer, Ward 1(6), Nagpur |
| Court | HIGH COURT OF BOMBAY AT NAGPUR |
| Relevant Act | Income-tax |
| Date of Order | 03/07/2017 |
| Judgment | View Judgment |
| Keyword Tags | unexplained investment • surrender amount • survey proceeding • income from business • computing book profit |
| Bot Summary: | This appeal under Section 260A of the Income Tax Act challenges the order dated 16 th July, 2003 of the Income Tax Appellate Tribunal, Nagpur. The impugned order is a common order passed in respect of M/s Bagadi Enterprises, Nagpur, M/s National Sales Corporation, Nagpur and of Appellant-Assessee before us. 03.odt When surrender amount is shown as Business Income as assessed as such, whether ITAT was right in law in treating the same as unexplained investment under Section 69 of the Act and whether the order of ITAT is perverse on account of mis-appreciation of admitted facts on record 2. M/s Bagadi Enterprises, Nagpur and M/s National Sales Corporation, Nagpur being aggrieved by the common impugned order dated 16th July, 2003 had filed Income Tax Appeal No. 80/2003 and 79/2003 respectively. We had by an order dated 12 th June, 2017 allowed the Assessee's appeal in the case of M/s Bagadi Enterprises, Nagpur and M/s National Sales Corporation, Nagpur. The learned counsel appearing for the parties states that the facts and substantial question of law arising in this appeal is identical to those which arose in the case of M/s Bagadi Enterprises, Nagpur and M/s National Sales Corporation, Nagpur. For the reasons set out our order dated 12 th June, 2017 in the above two appeals, the substantial question of law at is answered in the affirmative and in favour of the appellant Assessee and against the Revenue. |