M/S Mohta Construction Company 25-B, Sadul Ganj Bikaner v. Assistant Commissioner Of Income Tax Circle-Ii, Bikaner

HIGH COURT OF JUDICATURE FOR RAJASTHAN ATJODHPUR D.B. Income Tax Appeal No. 59 / 2009 M/s Mohta Construction Company 25-B, Sadul Ganj Bikaner.Through its Power of Attorney Holder Shri Vijay Mohta S/o Shri JaiKishan Ji Mohta Aged 36 Years Resident of 25-B, Sadul GanjBikaner. ----Appellant Versus Assistant Commissioner of Income Tax Circle-II, Bikaner. ----Respondent M/s Dheeraj Kumar Contractor 1-F-12, Jawahar Nagar, SriGanganagar. Through its Partner Shri Jetha Nand ji Adhalkha s/oShri Bodh Raj Ji Aged 70 Years Resident of 402, Ravi Chowk,Purani Abadi, Sri Ganganagar. ----Appellant Versus Assistant Commissioner of Income Tax Circle-Sri Ganganagar, SriGanganagar. ----Respondent D.B. Income Tax Appeal No. 58 / 2009 M/s Maheshwari Builders, 25-B, Sadul Ganj, Bikaner. Through itsPower of Attorney Holder Shri Vijay Mohta, s/o Shri Jai Kishan JiMohta, Aged 36 Years, Resident of 25-B, Sadul Ganj, Bikaner. ----Appellant Versus Assistant Commissioner of Income Tax Circle-II, Bikaner. ----Respondent _____________________________________________________ For Appellant(s) : Mr.Sharad Kothari. For Respondent(s) : Mr.KK Bissa. _____________________________________________________ HON'BLE MR. JUSTICE K. S. JHAVERI HON'BLE DR. JUSTICE PUSHPENDRA SINGH BHATIJudgment / Order 23/01/2018 1.By way of these appeals, the appellant department haschallenged the judgment and order of the Income Tax AppellateTribunal whereby, the Tribunal partly allowed the appeal of thedepartment and reversed the finding given by the CIT(A) holdingthat the judgment of this Court in Shri Ram Jhanwar Lal v. IT(D.B. Income Tax Appeal No.10/2006) which is sought to be reliedupon has no relevance on the issue which is involved. 2.This Court while admitting the appeals framed followingsubstantial question of law :-substantial question of law :- DB ITA No.59/2009 "Whether the assessee is entitled to claim deduction ofinterest paid to 3rd party creditors after assessment of netprofit rate in cases where resort has been taken to theprovisions of Section 145(3) by rejecting the books ofaccounts ?" DB ITA No.62/2009 "Whether the assessee is entitled to claim deduction ofinterest paid to third party creditors and bank commissionafter assessment of net profit rate in cases where resort hasbeen taken to the provisions of Section 145 by rejecting thebooks of accounts ?" DB ITA No.58/2009 "Whether the assessee is entitled to claim deduction ofinterest paid to 3rd party creditors after assessment of netprofit rate in cases where resort has been taken to theprovisions of Section 145(3) by rejecting the books ofaccounts ?" 3.We have heard the learned counsel for the parties. 4.It is true that the issue which this Court in the reporteddecision has not even referred to Section 145(3) in the judgment.Therefore, the Tribunal has wrongly relied upon the said judgmentof this Court. 5.The matter requires to be remitted back. It will be open forthe parties to raise all the contentions before the Tribunal. TheTribunal may expedite the hearing. 6.Accordingly, the appeals stand disposed of. (DR. PUSHPENDRA SINGH BHATI)J. (K. S. JHAVERI)J. S.Phophaliya/-33-35