Swojas Investment Pvt. Ltd v. Deputy Commissioner Of Income Tax....opponent(S

O/TAXAP/825/2006 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL NO. 825 of 2006 FOR APPROVAL AND SIGNATURE: HONOURABLE MR.JUSTICE KS JHAVERI and HONOURABLE MR.JUSTICE K.J.THAKER ================================================================ 1 Whether Reporters of Local Papers may be allowed to see the judgment ?the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of the judgment ?judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India, 1950 or any order made thereunder ?to the interpretation of the Constitution of India, 1950 or any order made thereunder ? 5 Whether it is to be circulated to the civil judge ? ================================================================ SWOJAS INVESTMENT PVT. LTD.....Appellant(s)Versus DEPUTY COMMISSIONER OF INCOME TAX....Opponent(s) ================================================================ Appearance: MR. HARDIK V VORA, ADVOCATE for the Appellant(s) No. 1MR.VARUN K.PATEL, ADVOCATE for the Opponent(s) No. 1 ================================================================ CORAM: HONOURABLE MR.JUSTICE KS JHAVERIandHONOURABLE MR.JUSTICE K.J.THAKER Date : 20/11/2014 ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1.By way of this appeal, the appellant has challenged the judgment and order dated 12.12.2005 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench “C” in ITA No. 2553/Ahd/2000 for AY 1996-97. 2.While admitting this appeal on 20.2.2007, this Court has framed the following substantial question of law: “Whether the Income Tax Tribunal is justified in holding that both the conditions of Explanation to Section 73 of the Income Tax Act are to be satisfied if the assessee wants to claim the business loss ?” 3.The facts of the present case are that the return of income was filed on 12.5.1997 declaring total income of Rs. 5,53,888/-. The said return was processed under sec. 143(1)(a) of the IT Act. In response to the notice issued under sec. 143(2) of the IT Act, the assessee has produced the books of account,and after considering the material on record, the assessment order came to be passed. Against the said assessment order, the assessee has preferred an appeal before the CIT(A) which was allowed. Against the said order of CIT(A), the revenue has preferred an appeal before the ITAT which was also allowed. Against the said order of ITAT, the present appellant-assessee has preferred this Tax Appeal before this Court. 4.Heard the learned advocates appearing for the parties and considered the submissions. The Tribunal has held in favour of the assessee. We do not find any error in the findings of the Tribunal in sending the matter to the Assessing Officer in respect of the exceptions provided in explanation to sec. 73 of the Act. It goes without saying that we have not expressed anything on merits and the Assessing Officer will re-decide the whole issue in light of the order passed by the ITAT and this Court. The present Tax Appeal is accordingly disposed of. (K.S.JHAVERI, J.) mandora (K.J.THAKER, J)