The Commr. Of Income Tax ... vs Shir.Nirajkumar Bajaj And ...
2016 Latest Caselaw 77 Bom

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                IN THE HIGH COURT OF JUDICATURE AT BOMBAY :

                              NAGPUR BENCH : N A G P U R.




                                                                 
                    INCOME TAX REFERENCE No. 352(B) of 1995




                                                                
    Commissioner of Income Tax,
    Vidarbha, Nagpur.                                 ....   APPLICANT.


                   -VERSUS -




                                                   
    Nirajkumar Bajaj & ors.
    Wardha.                        ig                ....    RESPONDENT.

                             ....
    Mr. Anand Parchure with Advocate Bhshan Mohta Advocate for the Applicant.
                                 
    Mr. N.J. & S.C. Thakkar Advocate for the Respondent.
                              ....

                     CORAM : B.P. Dharmadhikari & V.M. Deshpande, JJ.

DATED : 25th February, 2016.

ORAL JUDGMENT : (Per B.P. Dharmadhikari, J.) :

At the outset, we mention that Registry has also mentioned

ITR No.355(B)/95. However, paper-book given is only of ITR No.352(B) of

1995 and it is for the assessment year 1981-82.

2. It is not in dispute that Reference under Section 256(1) of

Income-Tax Act, 1961 arises out of five different proceedings and pertain to

five different assessees. Details thereof can be briefly mentioned as

under:

    Sr.No.          R.A. No.            Arising out of ITA No.             Asst. Year










                                                                                        
    1.      397/Nag/92                  549/Nag/86                 1981-82

    2.      398/Nag/92                  550/Nag/86                 1981-82




                                                                
    3.      399/Nag/92                  551/Nag/86                 1981-82

    4.      400/Nag/92                  552/Nag/86                 1981-82




                                                               
    5.      401/Nag/92                  553/Nag/86                 1981-82




                                                    

3. Advocate Thakkar appearing for the assessee and Advocate

Parchure with Advocate Mohta point out that tax effect in these matters

does not exceed Rs. Twenty lac. They submit hand written chart pointing

out the names of the assessee, number of shares and resulting tax effect.

We reproduce it below for ready reference.

1. Nirajkumar Bajaj Individual 900 shares 2,75,946=00

2. Madhurkumar Bajaj HUF 1500 shares 4,64,933=00

3. Shekharkumar Bajaj HUF 1500 shares 6,62,619=00

4. Shishirkumar Bajaj Individual 2500 shares 10,49,704=00

5. Rahulkumar Bajaj Individual 4000 shares 17 lacs & odd

4. As the tax effect in matter of any assessee does not exceed Rs.

Twenty lacs, following Instruction No. 21 dated 10.12.2015 issued by CBDT,

we return the Reference unanswered.

                                   JUDGE                          JUDGE

     /TA/