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TAXAP/2028/2009 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL No. 2028 of 2009
=========================================================
COMMISSIONER
OF INCOME TAX-III - Appellant(s)
Versus
AKSHAR
GEMS - Opponent(s)
=========================================================
Appearance
:
MR
MANISH BHATT, SR COUNSEL
for
Appellant(s) : 1,
NOTICE SERVED BY DS for Opponent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE AKIL KURESHI
and
HONOURABLE
MS JUSTICE SONIA GOKANI
Date
: 29/08/2011
ORAL
ORDER
(Per
: HONOURABLE MR.JUSTICE AKIL KURESHI)
Counsel
for the Revenue submitted that for the purpose of income tax, partner
and partnership are two separate distinct entities as held by
decision of Apex Court in case of Commissioner of Income-tax, West
Bengal v. A.W. Figgies and Company and others reported in (1953)
24 ITR 405(SC).
Tax
Appeal is admitted for consideration of following question of law :
“Whether
in the facts and circumstances of the case and in law, was the
Appellate Tribunal right, in deleting the penalty imposed u/s.271D
and 271E of the Act for violating the provisions of section 269SS and
269T of the Act holding that the money brought in the firm by a
partner and withdrawal by the partners from the firm are between the
firm and the partners and the transactions are not in the nature of
loan or deposit within the meaning of provisions of section 269SS
and 269T of the Act?
(Akil
Kureshi,J.)
(Ms.
Sonia Gokani,J.)
(raghu)
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