Commissioner Of Income Tax, Jaipur-Ii, Jaipur v. M/S Aditya Gems, K

IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JAIPUR BENCH, JAIPUR JUDGMENT DB INCOME TAX APPEAL NO.234/2008. Commissioner of Income Tax, Jaipur-II, Jaipur. Vs. M/s Aditya Gems, K-10, Fateh Tiba, Adarsh Nagar, Jaipur. Date of order : 02.11.2016. HON'BLE MR. JUSTICE K.S. JHAVERIHON'BLE MR. JUSTICE MAHENDRA MAHESHWARI Mr. Nikhil Simlote for the appellant.Mr. S.L. Poddar for the respondent. BY THE COURT: 1.By way of this appeal, the appellant has challenged thejudgment of the Tribunal whereby the Tribunal has partly allowed boththe appeals i.e. appeal filed by the assessee and the appeal filed by theDepartment. 2.Heard learned counsel for the parties.3.Considering the law declared by the Supreme Court in thecase of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, SpecialLeave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby theSupreme Court has dismissed the SLP and confirmed the order dated09.12.2014 passed by the Gujarat High Court and other decisions of theHigh Court of Gujarat in the case of Sanjay Oilcake Industries Vs.Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K.Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on20.06.2016, the parties are bound by the principle of law pronounced inthe aforesaid three judgments. 4.We remit back the case to the Assessing Officer for decidingafresh on the factual matrix. The authority will accept the law but thetransaction whether it is genuine or not will be verified by the AssessingOfficer on the basis of the aforesaid three judgments. The issues areanswered accordingly. The appeal is accordingly disposed of. (MAHENDRA MAHESHWARI), J. (K.S. JHAVERI), J. bblm