The Commissioner Of Income Tax-12 … v. M/S Malik Traders

rng IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1215 OF 2012 The Commissioner of Income Tax-12 … Appellant vsM/s Malik Traders ..Respondents ..... Mr.P.C.Chhotaray for AppellantMr.A.K.Jasani for Respondents ... CORAM: S.C. DHARMADHIKARIAND G.S.KULKARNI, JJ. DATE :- 05th March,2014 PC: 1.Heard learned counsel appearing for the Appellant. Perused the concurrent orders, one of the Commissioner of Income Tax (Appeals) and that of the Income Tax Appellate Tribunal. Both have concurrently found the reasons for rejection of the accounts and for exercising the power under section 145 (3) of the Income Tax Act,1961 are not in accordance with the settled principles. The Tribunal has in agreeing with the Commissioner of Income Tax (Appeals) found that initially the Stock Registers were not produced. Later on and during the course of the proceedings before the Assessing Officer, the Stock Register has been produced. There is some discrepency found and that is not of such a nature as would enable the Assessing Officer to reject the accounts. Reasons assigned in paras 7.1 and 7.2 of the order of the Income Tax Tribunal would show that on a limited ground on which the department has approached us namely there are substantial questions of law involved, has not been made out. This is an attempt to re-appreciate and re-apprise the materials produced, which is impermissible in law. 2. In such circumstances, Appeal has no merits and is dismissed. (G.S.KULKARNI J.) (S.C. DHARMADHIKARI, J.)