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TAXAP/208/2010 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL No. 208 of
2010
=========================================================
COMMISSIONER
OF INCOME TAX-III - Appellant(s)
Versus
ORIENT
FABRITEX LTD - Opponent(s)
=========================================================
Appearance
:
MRS
MAUNA M BHATT for
Appellant(s) : 1,
None for Opponent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE AKIL KURESHI
and
HONOURABLE
MS JUSTICE SONIA GOKANI
Date
: 22/03/2011
ORAL
ORDER
(Per
: HONOURABLE MR.JUSTICE AKIL KURESHI)
1. Learned
Counsel, Shri. Mauna M. Bhatt, for the revenue, submitted that the
Tribunal dismissed the appeal without entering into the merits, on
the premises that being loss declared by the assessee, there would be
only notional tax effect. He, further, submitted that the appropriate
computation of loss would be necessary and may have relevance, if, in
subsequent years, the assessee declares profits. He submitted that in
this case the amount involved is in excess of the limit laid down in
the circular, prevalent at the relevant point of time. This appeal,
therefore, deserves to be admitted.
2. This
appeal is ADMITTED for considering the following
question of law:
” Whether the
Appellate Tribunal is right in law and on facts in dismissing the tax
appeal of the revenue on the ground of low tax effect, though the
notional tax effect exceeded the monetary limit prescribed by the
board?”
3. To
be heard with TAX APPEAL NO.977 OF 2009 and connected
appeals.
(AKIL
KURESHI,J.)
(Ms.
SONIA GOKANI,J.)
Umesh/
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