9911796707
TMI Blog2015 (6) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... ied with the impugned judgment and order dated 05/12/2014 passed by the learned Income Tax Appellate Tribunal, Rajkot Bench, Rajkot (hereinafter referred to as the "Tribunal") in ITA No.440/RJT/2012 for the Assessment Year 2008-09, the revenue has preferred the present Tax Appeal with the following proposed substantial questions of law; (A) Whether the ITAT is justified in law as well as on facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he year? [2.0] Now so far as the proposed substantial question of law no.(A) is concerned, from the impugned judgment and order passed by the learned Tribunal it appears that the learned Tribunal has relied upon its earlier decision in the case of Aspi Ginwala & Ors. Vs. Assistant Commissioner of Income Tax (52 SOT 16) Ahm. However, it is reported that the decision of the Ahmedabad Bench of the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on facts in directing the Assessing Officer to allow deduction of Rs. 81,48,754/- from long term capital gain and Rs. 18,51,246/- from short term capital gain and tax the balance long term capital gain of Rs. 23,97,146/- and short term capital gain of Rs. 5,44,587/- is concerned, from the impugned judgment and order passed by the learned Tribunal it appears that while considering the aforesaid i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question no.(C) i.e, whether the ITAT is justified in law and on facts in directing the Assessing Officer to allow expense amount to Rs. 6,09,870/- debited in P & L Account is concerned, it is true that the learned Tribunal has not elaborately dealt with the same and / or considered the same and has straightaway considered the observations made by the learned CIT(A) in paras 4.1 to 4.2.8 and has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o reason to interfere with the finding recorded by the learned CIT(A) confirmed by the learned Tribunal restricting the disallowance of expenditure to Rs. 10,90,223/- It is required to be noted that the Assessing Officer disallowed the expenditure of Rs. 17,00,093/- against which the learned CIT(A) has restricted the disallowance of expenditure to Rs. 10,90,223/-. No question of law, much less sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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