Itxa/1293/2017 Of Pr. Commissioner Of Income Tax, Central-2 v. Deepika A. Mehta

Digitallysigned byMEERAMEERAMAHESHMAHESHJADHAVJADHAVDate:2022.01.1015:28:52+0530 IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.1293 OF 2017 Pr. Commissioner of Income Tax Central-2 ….Appellant V/s. Deepika A. Mehta …Respondent ---- Mr. Suresh Kumar for Appellant Mr. Ashwin Mehta a/w Mr. Govind Javeri i/b Mr. Vivek Sharma forRespondent ---- CORAM : K.R. SHRIRAM &AMIT B. BORKAR, JJ DATED : 6th DECEMBER 2021 P.C. : 1Mr. Suresh Kumar states that the court may pass order / directions as contained in paragraph 8 of the order dated 26th July 2017 in ITXA No.1193 of 2014 with ITXA No.1173 of 2014 which read as under: "8 In light of above, we pass the following order: i) The order of the Tribunal to the extent of allowing the production ofadditional evidence, that is, books of accounts, is maintained.However, we clarify that it will be open for the Assessing Officer to testthe genuineness and authenticity of the entries in the books ofaccounts and thereafter pass assessment order afresh. ii) The directions of the Tribunal with regard to determination ofunaccounted investments, disallowance of deduction on account ofinterest expenditure, disallowance of deduction on account of otherexpenditure, to hold the sale of shares as capital gains and allowdeduction under Section 48 of the Income Tax Act, will all dependupon the decision of the Assessing Officer with regard to the books ofaccounts and its decision upon the genuineness of the entries therein. iii)The Assessing Officer will be entitled to take decision afresh in allaspects of the matter. iv) It is also made clear that the Assessing Officer will provide thematerial relied by it to the assessee before passing any order. v)The appeals, as such, are disposed of with aforesaid observationsand directions." 2Mr. Mehta states that appellant's have not yet complied with thecontentions contained in the order dated 26th July 2017, which has beenquoted above and not only in those two appeals but in many other matters. 3In the circumstances, the following order is passed: i)The order of the Tribunal to the extent of allowing the production ofadditional evidence, that is, books of accounts, is maintained. However, weclarify that it will be open for the Assessing Officer to test the genuinenessand authenticity of the entries in the books of accounts and thereafter passassessment order afresh. ii)The directions of the Tribunal with regard to determination ofunaccounted investments, disallowance of deduction on account of interestexpenditure, disallowance of deduction on account of other expenditure, tohold the sale of shares as capital gains and allow deduction under Section48 of the Income Tax Act, will all depend upon the decision of the AssessingOfficer with regard to the books of accounts and its decision upon thegenuineness of the entries therein. iii)The Assessing Officer will be entitled to take decision afresh in allaspects of the matter. iv)It is also made clear that the Assessing Officer will provide thematerial relied by it to the assessee before passing any order. 4Appellant is directed to comply with the directions given above within6 weeks from today. Respondents are also directed to comply with the directions given in the order dated 26th July 2017 in ITXA No.1193 of 2014 and ITXA No.1173 of 2014, within 6 weeks from today. 5Appeal disposed. (AMIT B. BORKAR, J) (K.R. SHRIRAM, J.)