Itxa/828/2012 Of Commissioner Of Income Tax - 2 v. Shri Pradeep K. Vakharia,Jt.managing Director, Ashapura Shipping Ltd

kps IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.828 OF 2012 The Commissioner of Income Tax. ..Appellant -Versus-Pradeep K. Vakharia, Joint Managing Director,Ashapura Shipping Limited. ..Respondent ........... Mr.Suresh Kumar, for the Appellant. ........... CORAM: S.C. DHARMADHIKARI AND A.K. MENON, JJ. DATE :- 12[th] September, 2014 P.C.: 1Having heard Mr.Suresh Kumar, learned counsel appearing for the Revenue in support of this Appeal and finding that the Commissioner of Income Tax (Appeals), as also, the Income Tax Appellate Tribunal rendered the concurrent view based on the facts that we are of the opinion that the present Appeal does not raise any substantial question of law. The source of funds from which the gift emanated, acquaintance or rather the parties being known to each other has been established and particularly in the report of remand submitted by the Assessing Officer to the Commissioner of Income Tax (Appeals). Hence, no reliance could have been placed by the Revenue on the earlier exercise undertaken by the Assessing Officer. The explanation which has been given and noted in the Tribunal's as also in the Commissioner's orders and findings based thereon does not raise any substantial question of law enabling us to admit this Appeal. It is, accordingly, dismissed. No costs. (A.K. MENON, J.) (S.C. DHARMADHIKARI, J.)