Itxa/208/2008 Of The Commissioner Of Income-Tax-3,Mum v. Chikki Fertilizer Trading And Agencis P. Ld
High Court
31 Jul 2008 In favour of: Revenue
Forum / Bench
High Court · newos
Parties
Itxa/208/2008 Of The Commissioner Of Income-Tax-3,Mum v. Chikki Fertilizer Trading And Agencis P. Ld
Date of order
31 Jul 2008
Assessment year(s)
—
Outcome
Allowed
The order — as passed by the High Court
Case summary
In Itxa/208/2008 Of The Commissioner Of Income-Tax-3,Mum v. Chikki Fertilizer Trading And Agencis P. Ld, the High Court (2008) allowed the appeal. The decision went in favour of the Revenue.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.208 OF 2008
The Commissioner of Income-tax-3 ..Appellant.
V/s.
M/s.Chikki Fertilizers Trading
and Agencies Pvt.Ltd. ..Respondent.
Mr.Vimal Gupta for the Appellant.
Mr.J.D. Mistry with Mr.Raj Darak & Mr.P.C. Tripathi
for the Respondent.
CORAM : D.K. DESHMUKH &
J.P. DEVADHAR, JJ.
DATED : 31ST JULY, 2008
P.C. :
1. The issue raised in this appeal relates
to the computation of profit under Section 115JA in
respect of "loss on revaluation of investment".
The tribunal has allowed the claim of the assessee
by relying upon several decisions of the tribunal.
Moreover, the decision of the Supreme Court in the
case of Apollo Tyres V/s. C.I.T. reported in 255
ITR 273 is also in favour of the assessee.
2. In this view of the matter, we see no
merit in the appeal. Hence, dismissed.
D.K. DESHMUKH, J.
J.P. DEVADHAR, J.
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