Income Tax Reference (Itr) v. M/S. Akola Oil Industries, Akola
High Court
04 Feb 2016 In favour of: Assessee
Forum / Bench
High Court · testcase
Parties
Income Tax Reference (Itr) v. M/S. Akola Oil Industries, Akola
Date of order
04 Feb 2016
Assessment year(s)
1986-87
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Income Tax Reference (Itr) v. M/S. Akola Oil Industries, Akola, the High Court (2016) dismissed the appeal. The decision went in favour of the assessee.
Decision: The additiondeleted for Assessment Year 1986-87 is Rs.24,22,059/-,for Assessment Year 1987-88 the addition deleted isRs.22,68,833/-.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR
INCOME TAX REFERENCE (ITR) NO.310 OF 1995The Commissioner of Income Tax, Vidarbha, Nagpur
..vs..
M/s. Akola Oil Industries, Akola
.......................................................................................................................................................Office Notes, Office Memoranda of Coram,appearances, Court orders or directions Court's or Judge's Orderand Registrar's orders
Court's or Judge's Order
.......................................................................................................................................................
Shri S.N. Bhattad, counsel for the Applicant.Shri Shriniwas Deshpande, counsel for the respondent.
CORAM: B.P. DHARMADHIKARI & V.M. DESHPANDE, JJ.DATED: FEBRUARY 4, 2016.
DATED
Heardlearnedcounselfortheapplicant/department Shri S.N. Bhattad and learnedcounsel for the respondent/official liquidator ShriShriniwas Deshpande.
The question about correctness of deletionof addition has been referred to this Court underSection 256(1) of the Income Tax, 1961. The additiondeleted for Assessment Year 1986-87 is Rs.24,22,059/-,for Assessment Year 1987-88 the addition deleted isRs.22,68,833/-.
Hence, even if addition is accepted andquestion is answered in favour of the revenue, tax effectin respective Assessment Years does not exceedRs.20,00,000/-.
Hence, following Circular No.21 dated10.12.2015, we return the reference unanswered.
JUDGEJUDGE
!! BRW !!
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