Commissioner of Income Tax Vs. S.S. Loomba - Court Judgment |
| SooperKanoon Citation | sooperkanoon.com/771786 |
| Subject | Direct Taxation |
| Court | Rajasthan High Court |
| Decided On | Jul-04-2002 |
| Case Number | IT Appeal No. 1 of 2002 |
| Judge | Y.R. Meena and; Shashi Kant Sharma, JJ. |
| Reported in | (2003)185CTR(Raj)536 |
| Acts | Income Tax Act, 1961 - Sections 68, 69, 69A, 69B, 69C, 158BB(2) and 260A |
| Appellant | Commissioner of Income Tax |
| Respondent | S.S. Loomba |
| Advocates: | Anuroop Singhi, Adv. |
Excerpt:
- .....questions :'whether, on the facts and circumstances of the case, the learned tribunal was justified in deleting the additions made by the ao under the various heads namely, household expenses, unexplained investment in shares, loan, bank deposits, undisclosed investment in plot and unexplained investment in shares on protective basis and understatement of capital gains on sale of plot in view of the provisions of chapter xiv-b of the it act ?''whether, on the facts and circumstances of the case, in view of the provisions of section 158bb(2) of the it act, which make the legal fiction enacted under sections 68, 69, 69a, 69b and 69c, the additions made by the ao could be deleted ?' .2. issue notice to the other side. notices be made returnable within six weeks. paper book be filed within 4.....
Judgment:1. Heard learned counsel for the appellant. Considering the submissions, the appeal is admitted in terms of the following questions :
'Whether, on the facts and circumstances of the case, the learned Tribunal was justified in deleting the additions made by the AO under the various heads namely, household expenses, unexplained investment in shares, loan, bank deposits, undisclosed investment in plot and unexplained investment in shares on protective basis and understatement of capital gains on sale of plot in view of the provisions of Chapter XIV-B of the IT Act ?'
'Whether, on the facts and circumstances of the case, in view of the provisions of Section 158BB(2) of the IT Act, which make the legal fiction enacted under Sections 68, 69, 69A, 69B and 69C, the additions made by the AO could be deleted ?' .
2. Issue notice to the other side. Notices be made returnable within six weeks. Paper book be filed within 4 months. List the appeal for hearing after 4 months.