The Commissioner Of Income Tax-13 v. M/S.mangal Trading Co

(-1-) IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1024 OF 2008 The Commissioner of Income Tax-13...Appellant Vs. M/s.Mangal Trading Co. ....Respondent Mr. Parag Vyas with Mr. A.S. Shivsharan, for the Appellant. Mr. A.K. Jasani with Mr. P.C. Tripathi, for the Respondent. CORAM: F.I. R.S.MOHITE, JJ. DATED: 13th January, 2009 P.C.: . The learned Tribunal on perusing the accounts observed as under:- "Further, there is considerable force in the submissions of the AR that the account had both debit and credit balances at various points of time being of a running nature and hence the interest payable and receivable would almost square off." 2. Learned Counsel has also placed before us the accounts which at the highest based on interest calculated at 12% will work out to Rs.1,33,933/-. 3. On behalf of the Revenue learned Counsel (-2-) points out that the A.O.had no occasion to consider the same.On behalf of the assessee learned Counsel draws our attention to the following observation in the order of the Assessing Officer:- "Books of accounts , bills, vouchers were produced and the same have been test checked." 4. In our opinion, considering what has been observed by the I.T.A.T. the question of law as framed would not arise and even otherwise this is nota fit case where this Court should interfere. Hence Appeal rejected. (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.)