| Case ID |
1032712e-9389-45c6-9d4e-2572b1c74a45 |
| Body |
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| Case Number |
TAX APPEAL NO. 269 OF 2002 |
| Decision Date |
Sep 23, 2002 |
| Hearing Date |
|
| Decision |
The Gujarat High Court dismissed the appeal filed by Patira Food Products (P.) Ltd. against the Tribunal's order. The court found that the Tribunal had correctly interpreted the provisions of the Income-tax Act, particularly the treatment of depreciation as part of 'undisclosed income' under section 158BC. The court emphasized that the Tribunal's findings were based on a thorough appreciation of evidence, including material seized during search and seizure proceedings. As the Tribunal's findings were factual and no substantial question of law arose, the appeal was dismissed. |
| Summary |
In the case of Patira Food Products (P.) Ltd. vs. Assistant Commissioner of Income Tax, the Gujarat High Court addressed critical issues surrounding the treatment of depreciation under the Income-tax Act, 1961. The appeal, stemming from the Tribunal's order, questioned whether depreciation could be classified as 'undisclosed income' during block assessments as per section 158BC. The court upheld the Tribunal's interpretation, validating that depreciation falls within the ambit of Chapter XIV-B of the Income-tax Act. The ruling clarified that findings of fact made by the Tribunal after reviewing evidence and material from search proceedings are not subject to appeal unless substantial legal questions arise. The decision reinforces the significance of proper procedural adherence in tax assessments, particularly in cases involving undisclosed income. This case serves as a precedent for future tax-related disputes, emphasizing the need for clarity in the interpretation of tax laws and the necessity of evidence-based findings in judicial decisions. |
| Court |
Gujarat High Court
|
| Entities Involved |
Not available
|
| Judges |
A.R. DAVE,
D.A. MEHTA
|
| Lawyers |
R.K. Patel
|
| Petitioners |
Patira Food Products (P.) Ltd.
|
| Respondents |
Assistant Commissioner of Income Tax
|
| Citations |
2004 SLD 1371 = (2004) 267 ITR 621
|
| Other Citations |
Not available
|
| Laws Involved |
Income-tax Act, 1961
|
| Sections |
158BC
|