M/S Acid & Chemicals Co v. Income Tax Officer, Ward 12(2

IN THE HIGH COURT OF GUJARAT AT AHMEDABADR/TAX APPEAL NO. 1924 of 2010 ========================================================== M/S ACID & CHEMICALS CO VersusINCOME TAX OFFICER, WARD 12(2) ========================================================== Appearance: MR KETAN H SHAH(2705) for the Appellant(s) No. 1RULE SERVED(64) for the Opponent(s) No. 1LD SR ADV. MR.MANISH BHATT for the Opponent(s) No.1 ========================================================== CORAM: HONOURABLE MS. JUSTICE SONIA GOKANIandHONOURABLE MR. JUSTICE HEMANT M. PRACHCHHAK Date : 28/10/2021 ORAL ORDER (PER : HONOURABLE MS. JUSTICE SONIA GOKANI) 1. For considering the substantial question of law on 25.01.2012, this Court has admitted this appeal. Following are thesubstantial question of law. “(i) Whether on the facts and in the circumstances ofthe case the Tribunal was right in law in upholding thepenalty under Section 271(1)(c) in respect of the additionof investment which it upheld under Section 68 in thehands of the assessee in assessment appeal? (ii)Whether on the facts and in the circumstances of the case the Tribunal was right in law in upholding thelevy of penalty though one of the partners, whosestatement was recorded,has stated that this cash credit isgenerated from the year 1987 to 2000?” 2. Learned advocate, Mr.Ketan Shah submits that the appellant is desirous of availingthe benefit of Vivad Se Vishwas Scheme andForm No.3 has already been received. Once he withdraws the pending tax appeal, he will be given the Form No.4 and therefore, the Court may permit to withdraw thepresent appeal.present appeal. 3. Acceding to the request, the Tax Appeal is disposed of as not pressed, withoutentering into the merits and expressing anyopinion. 4. If for some reasons the appellant is unable to avail the benefit of the scheme,it shall be open for the appellant to takelegal recourse, available under the law. M.M.MIRZA Sd/-(SONIA GOKANI, J) Sd/-(HEMANT M. PRACHCHHAK,J)