9911796707
TMI Blog2014 (4) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... ecide independently whether and to what extent relief was justified – thus, the assessee shall deposit 50% of the tax demand before the authorities – also, the Tribunal decides the tax appeals concerning the assessee for the earlier years – decided partly in favour of Assessee. - Special Civil Application No. 4394 of 2014 - - - Dated:- 25-3-2014 - Akil Kureshi And Sonia Gokani,JJ. For the Appellants : Mr. S. N. Soparkar, Sr. Adv. Mr. B. S. Soparkar, Adv. For the Respondent : Mr. Sudhir M. Mehta, Adv. JUDGMENT (Per : Honourable Mr. Justice Akil Kureshi) Heard learned senior advocate Shri S.N Soparkar for the petitioner and Shri Sudhir Mehta for the Revenue, who appears on a Caveat, for final disposal of the pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unded off] pertaining to depreciation on intangible assets was decided in favour of the assessee by the CIT [A] in earlier year and it is the Revenue which is before the Tribunal on this issue. Regarding rest of the three issues, counsel submitted that the assessee has a strong prima facie case, in particular with respect to major chunk of addition of Rs. 125.20 Crores towards unaccounted purchases. Counsel contended that being a Government company, it cannot be expected that gas worth crores of rupees was purchased in cash. The discrepancy has arisen only on account of conversion ratio of 1.695 kg. per cubic meter of gas adopted by the Assessing Officer as against 1.32 kg. per cubic meter of gas presented by the assessee. This issue though ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relief was justified. In the facts of the case, therefore, the petition is disposed of with the following directions : ( a) The petitioner shall deposit 50% of the tax demand before the authorities latest by 21st April 2014; (b) If in the meantime, the Tribunal decides the tax appeals concerning the assessee for the earlier years and grants any major relief pertaining to the additions made by the Assessing Officer in the current year, it would be open for the petitioner to move the Court for further relief by filing a fresh petition; (c) In any case, the deposit shall be governed by the decision of CIT [A] in the pending appeal preferred by the assessee. With these directions, writ petition is disposed of. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
