D.b.income Tax Appeal v. M/S.gad Fashion

D.B.Income Tax Appeal No.926/2008.Commissioner of Income Tax, Jaipur. VERSUS M/s.Gad Fashion. 03.03.2016. HON'BLE MR.JUSTICE AJAY RASTOGIHON'BLE MR.JUSTICE J.K.RANKA Mr.Sameer Jain ] Ms.Mahi Yadav ] Counsel for appellant-revenue.Mr.Sanjay Jhanwar, Counsel for respondent-assessee. ***** In the instant appeal, following substantial question of law emerges for our consideration:- “Whether in the facts & circumstances of the case, thelearned ITAT was right and justified in law in treatingD.E.P.B. (Duty Entitlement Passbook) as businessincome instead of income under the head income u/S.56not entitled for 80 I.B.deduction under the Income TaxAct, 1961?” Counsel for appellant has brought to our notice that substantial question of law raised in the instant appeal is coveredby judgment of the Apex Court in the case of Liberty India Vs. Commissioner of Income Tax reported in (2009) 9 SCC 328and counsel for assessee is unable to distinguish the judgmentrelied upon. Consequently, in the light of judgment of the Apex Court inthe case of Liberty India (supra), the substantial question of lawraised in the instant appeal is answered in favour of the revenueand against the assessee. Accordingly, the instant appeal stands disposed of. (J.K.RANKA),J. (AJAY RASTOGI),J. All corrections made in judgment/order have beenincorporated in the judgment/order being emailed.Solanki DS, P.S.incorporated in the judgment/order being emailed.Solanki DS, P.S.