Gujarat Court November 2002 Judgments
Cit Vs. Bombay Conductors and Electrical (P) Ltd.
Court: Gujarat
Decided on: Nov-20-2002
Reported in: [2003]131TAXMAN204(Guj)
A.R. Dave, J.The following question of law has been referred to this court at the instance of the revenue by the Income Tax Appellate Tribunal Ahmedabad Bench 'C' under the provisions of section 256(2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act').Whether, in the law and on facts, the Commissioner (Appeals) was justified in directing the Income Tax Officer to recalculate the interest under section 244(1A) and issue appropriate refund orders to the assessee and the Tribunal was right in law in confirming the view taken by the Commissioner (Appeals) ?'2. We have heard Mrs. Mona Bhatt, Central Government standing counsel, appearing for the revenue. Nobody has appeared for the respondent assessee though the respondent assessee has been duly served with the notice of this court.3. The facts involved in the reference, in a nutshell, are as under :4. In pursuance of an order passed by the Tribunal. The Income Tax Officer had awarded interest to the assessee as per the pro...
Tag this Judgment!Ahmedabad Kaiser-i-hind Mills Co. Ltd. Vs. Cit
Court: Gujarat
Decided on: Nov-20-2002
Reported in: [2003]130TAXMAN262(Guj)
A.R. Dave, J. At the instance of the applicant-assessee, the following question of law has been referred to this court by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A', under the provisions of section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act')'Whether, on the facts and in the circumstances of the case, the assessee was entitled to investment allowance in respect of the liability arising out of the fluctuation in exchange rates relatable to the repayment of the principal amount borrowed for purchase of capital equipment ?'2. Mrs. Mona M. Bhatt, learned Standing counsel for the Central Government, has appeared for the revenue, whereas nobody has appeared for the applicant-assessee though the notice of this court has been duly served upon the Official Liquidator as the applicant-company has been ordered to be wound up by this court.3. Our attention has been drawn by the learned counsel appearing for the respondent to a judgment delivered by this cou...
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