2016 (7) TMI 1253 - HC - Income Tax

Appeals are admitted on the following substantial questions of law - i) Whether on the facts and circumstances of the case and in law, the Tribunal was justified in allowing the Respondent s claim of loss? (ii) Whether on the facts and circumstances of the case and in law, the Tribunal was in grave error in holding that the evidence from the JPC and SEBI relied on by the Assessing Officer and the CIT(A) cannot be relied upon in coming to the conclusion that the company has evaded taxes? Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available, to be produced when sought for by the Court.

Summary

The High Court of Bombay heard two appeals related to Assessment Year 2001-02 and 2002-03. The appeals were admitted based on substantial questions of law regarding the justification of allowing the respondent's claim of loss and the reliance on evidence from JPC and SEBI in tax evasion cases. The Registry was directed to communicate the order to the Tribunal for further action. The case is to be heard along with other Income Tax Appeals.