2017 (5) TMI 1485

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..... d back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer on the basis of Vijay Proteins Ltd. Vs. Commissioner of Income Tax [2015 (4) TMI 1146 - SUPREME COURT] wherein confirmed the order passed by the Gujarat High Court [2015 (1) TMI 828 - GUJARAT .....

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..... unal has dismissed the appeal of the Department. 2. While admitting the appeal, this Court framed the following substantial question of law: 1. Whether on the facts and circumstances of the case, the tribunal was justified in deleting the addition of ₹ 1,89,29,835/- and accepting the gross profit declared by the assessee, ignoring the fact that it itself has upheld the finding with re .....

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..... /s 10B on the entire profit? 3 Heard learned counsel for the parties. 3.1 It is not in dispute that controversy involved in this case is squarely covered by the decision of this Court in CIT, Jaipur-II, Jaipur Vs. M/s Aditya Gems, D.B. Income Tax Appeal No. 234/2008, decided on 2.11.2016, wherein it has been held as under: Considering the law declared by the Supreme Court in the case of .....

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