Gold Tax Furnishing Industry vs Commissioner Of Income Tax
2002 Latest Caselaw 1421 Del

ORDER

1. Admit.

2. The following substantial questions of law are framed for adjudication :

"1. Whether the income declared by the assessed of Rs. 65,50,000 could validly be assessed as "income from other sources" instead of "income from business" as declared by the assessed ?

2. Whether the Tribunal was correct in law in upholding the disallowance of the claim of deduction under Section 80-IA of the IT Act in respect of the income of Rs. 65,50,000 declared under Section 132(4) of the IT Act at the time of search on 18th Feb., 1993?"

3. Insofar as, proposed question No. 1 is concerned, in view of our order passed today in ITA No. 80/2002, dismissing Revenue's appeal against the deletion of interest charged under Sections 234B and 234C of the Act answer to the proposed question is of academic interest only and, therefore, the proposed question cannot be said to be a substantial question of law.

4. The appellant shall file within three months ten copies of the cyclostyted paper books, containing all documents on which reliance was placed before the Tribunal, including any order/orders, either in the case of the assessed itself or in case of any other assessed, which has been followed by the Tribunal.

The appeal be listed for hearing in the regular course.