Commissioner Of Income Tax - Ii, Nagpur v. Shri Manglal Gandhi Sawla, Nagpur

1 FARAD CONTINUATION SHEETIN THE HIGH COURT OF JUDICATURE OF BOMBAYBENCH AT NAGPUR INCOME TAX APPLICATION NO.1 of 2003. Commissioner of Income Tax - II, Nagpur...vs..Shri Manglal Gandhi Sawla, Nagpur. =-=-=---=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Court's or Judges Order Office Notes, Office Memorandum of Coram appearances, Court's orders or directions & Registrar's orders. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Mr.A.S.Jaiswal, Adv. for the appellant. Mr.L.S.Dewani, Adv. for the respondent. C ORAM : J.P.DEVADHAR AND A.B.CHAUDHARI, JJ. DATED: 26[th ] August, 2010. 1.This application was admitted on the following questions of law. 1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding that on Rs.1,28,500/- of profit should be taken as taxable profit even though on a recasting of the trading account the taxable profit comes to Rs.5,44,826/- ? 2. Whether on the facts and in the circumstances of the case, the Hon’ble Tribunal was justified in law in holding that there is no unexplained investment in purchases of Rs.15,79,235/- even though the sales prior to 03.07.1995 are only Rs.5,57,626/- and even their source is not explained ? 2.Whether unrecorded sales and unrecorded purchases, recorded on documents found in the course of search, gave rise to unexplained income, is the question raised in this application. The questions raised by the Revenue are questions of law that arise from the order of the Tribunal. Hence, the application is allowed The Tribunal is directed to draw a statement of the case raising the aforesaid questions of law and forward the same for the opinion of this court, as expeditiously as possible. Rule is made absolute. No order as to costs. JUDGE JUDGE. pzc