Decision Rendered In Vijay Proteins Ltd v. Cit
High Court
22 Nov 2016 In favour of: Assessee
Forum / Bench
High Court · jaipur
Parties
Decision Rendered In Vijay Proteins Ltd v. Cit
Date of order
22 Nov 2016
Assessment year(s)
—
Outcome
Allowed
The order — as passed by the High Court
Case summary
In Decision Rendered In Vijay Proteins Ltd v. Cit, the High Court (2016) allowed the appeal. The decision went in favour of the assessee.
Issue: Theauthority will accept the law butthe transaction whether it isgenuine or not will be verified bythe Assessing Officer on the basisof the aforesaid three judgments.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JAIPUR BENCH JAIPUR
DB Civil Misc. Application No.542/2016in
DB Income Tax Appeal No.145/2006
Date of Order: 22.11.2016
HON'BLE MR. JUSTICE K.S. JHAVERIHON'BLE MR. JUSTICE MAHENDRA MAHESHWARI
Ms. Ishita Rawat forMr. Gunjan Pathak for the appellant/s.
1.In view of the averments made in the application,
the same is allowed. The order dt. 2/11/2016 isrecalled.
2.We pass the following order in the light of
decision rendered in Vijay Proteins Ltd. vs. CIT:-
1.By way of this appeal, the appellanthas challenged the judgment of theTribunal whereby the Tribunal hasdismissed the appeal filed by thedepartment.
2.Heard learned counsel for theparties.
3.Considering the law declared bythe Supreme Court in the case ofVijay Proteins Ltd. Vs. Commissionerof Income Tax, Special Leave toAppeal (C) No.8956/2015 decided on06.04.2015 whereby the Supreme Courthas dismissed the SLP and confirmedthe order dated 09.12.2014 passed bythe Gujarat High Court and otherdecisions of the High Court ofGujarat in the case of SanjayOilcake Industries Vs. Commissionerof Income Tax (2009) 316 ITR 274(Guj) and N.K. Industries Ltd. Vs.Dy. C.I.T., Tax Appeal No.240/2003decided on 20.06.2016, the partiesare bound by the principle of lawpronounced in the aforesaid threejudgments.
4.We remit back the case to theAssessing Officer for decidingafresh on the factual matrix. Theauthority will accept the law butthe transaction whether it isgenuine or not will be verified bythe Assessing Officer on the basisof the aforesaid three judgments.
The issues are answered accordingly.The appeal is accordingly disposedof.
3.The application is accordingly disposed off.
(MAHENDRA MAHESHWARI),J.
(K.S.JHAVERI),J.
A.Sharma/56
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