M/S.ag Enterprises v. Income-Tax Officer, Ward 12(3)(1), Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4166 OF 2010 M/s.AG Enterprises..Appellant. Versus Income-tax Officer, Ward 12(3)(1), Mumbai..Respondent. Mr.Jitendra Jain with Mr.B.D. Damodar i/by M/s.Kanga & Co. for the appellant.Ms.Padma Divakar for the respondent. CORAM : J.P. Devadhar & Smt.R.S. Dalvi, JJ. P.C. : DATE : 18[th] April, 2011. 1.This appeal was admitted on 23-11-2010 on the following substantial questions of law. A)Whether on the facts and in the circumstances of the case, the Tribunal erred in holding that sub-clause (d) of the proviso to Section 43(5) of the Act are not clarificatory but prospective in operation from 1[st] April 2006 i.e. for assessment year 2006-2007 onwards ?Tribunal erred in holding that sub-clause (d) of the proviso to Section 43(5) of the Act are not clarificatory but prospective in operation from 1[st] April 2006 i.e. for assessment year 2006-2007 onwards ? B)Whether the Tribunal was justified in upholding the applicability of Section 43(5) to derivative transactions ?of Section 43(5) to derivative transactions ? Learned counsel for the parties state that the aforesaid questions of law are answered in favour of the Revenue and against the assessee by the decision of this Court in the case of The Commissioner of Income Tax, Central – IV, Mumbai V/s. Shri Bharat R. Ruia (HUF), being Income Tax Appeal No.1539 of 2010 decided on 18-04-2011. 3. In this view of the matter, the appeal is dismissed. No costs. (Smt.R.S. Dalvi, J.) (J.P. Devadhar, J.)