Zaverchand Gaekwad Limited v. Income Tax Officer Ward 4 (4

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 869 of 2009With CIVIL APPLICATION (FIXING DATE OF EARLY HEARING) NO. 1 of 2022 In R/TAX APPEAL NO. 869 of 2009 FOR APPROVAL AND SIGNATURE: HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMARand HONOURABLE MR. JUSTICE ASHUTOSH J. SHASTRI============================================= 1 Whether Reporters of Local Papers may be allowed tosee the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of thejudgment ?judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India orany order made thereunder ? ============================================= ZAVERCHAND GAEKWAD LIMITED Versus INCOME TAX OFFICER WARD 4 (4) =============================================Appearance: MR BANDISH SOPARKAR for MRS SWATI SOPARKAR(870) for the Appellant(s) No. 1 MR.VARUN K.PATEL(3802) for the Opponent(s) No. 1 ============================================= CORAM:HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMAR andHONOURABLE MR. JUSTICE ASHUTOSH J. SHASTRI Date : 14/09/2022 ORAL JUDGMENT (PER : HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMAR) 1.In this appeal following substantial question of law has been raised :- “1. Whether, on the facts and in the circumstances of thecase, the Income Tax Appellate Tribunal was right in lawin holding that the Assessing Officer was justified ininvoking the provisions of Section 147 of the Income TaxAct, 1961, for re-opining of the assessment for theAssessment Year 2004-05. 2. Whether, on the facts and in the circumstances of thecase, the Income Tax Appellate Tribunal was right in lawin holding that the Assessing Officer was justified ininvoking the provisions of Section 55A of the Income TaxAct, 1961, to the District Valuation Officer (DVO) forascertaining the Fair Market Value of the property as on01.04.1981?” 2.The co-ordinate Bench in the matter of Commissioner of Income Tax v. Gauranginiben S. Shodhan Indl., reported in367 ITR 238 has answered the substantial question of lawframed in the instant appeal, namely in relation to theprovisions of Section 55A of the Income Tax Act, 1961. 3.However, the learned counsel appearing for the appellant submits that in light of substantial question of law no. 2 havingbeen answered by this Court in favour of the appellant, hewould not press, substantial question of law no. 1 framed in theappeal memorandum as well as by this Court. His submission isplaced on record. 4.Since, substantial question of law framed in this appeal, stands fairly covered in favour of the assessee by judgment ofApex Court in Gauranginiben’s case referred to supra, thisappeal is allowed by answering the substantial question of lawin favour of the assessee. No orders as to costs. Pending application stands consigned to record as it wouldnot survive for consideration. (ARAVIND KUMAR,CJ) phalguni (ASHUTOSH J. SHASTRI, J)