The High Court held the Income Tax Appeal was not fit for interference. The Assessing Officer had considered the accounts, and the interest discrepancy was not substantial. The legal question did not arise, and the appeal was rejected.
None. The appeal was rejected.
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MGN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.1024 OF 2008
The Commissioner of Income Tax-13...Appellant
Vs.
M/s.Mangal Trading Co. ....Respondent
Mr. Parag Vyas with Mr. A.S. Shivsharan, for the
Appellant.
Mr. A.K. Jasani with Mr. P.C. Tripathi, for the
Respondent.
CORAM: F.I.REBELLO&
R.S.MOHITE, JJ.
DATED: 13th January, 2009
P.C.:
. The learned Tribunal on perusing the
accounts observed as under:-
"Further, there is considerable force in the
submissions of the AR that the account had
both debit and credit balances at various
points of time being of a running nature and
hence the interest payable and receivable
would almost square off."
2. Learned Counsel has also placed before us
the accounts which at the highest based on interest
calculated at 12% will work out to Rs.1,33,933/-.
3. On behalf of the Revenue learned Counsel
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points out that the A.O.had no occasion to consider
the same.On behalf of the assessee learned Counsel
draws our attention to the following observation in
the order of the Assessing Officer:-
"Books of accounts , bills, vouchers were
produced and the same have been test
checked."
4. In our opinion, considering what has been
observed by the I.T.A.T. the question of law as
framed would not arise and even otherwise this is
nota fit case where this Court should interfere.
Hence Appeal rejected.
(R.S.MOHITE, J.) (F.I.REBELLO, J.)
Commissioner of Income Tax-13
M/s. Mangal Trading Co.
F. I. Rebello
R. S. Mohite
As recorded by the court registry
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