M.P. Power Management Co.Ltd. vs Principal Commissioner Of Income ...
2023 Latest Caselaw 7471 MP

                                                              1
                                     IN THE HIGH COURT OF MADHYA PRADESH
                                                  AT JABALPUR
                                                         ITA No. 236 of 2022
                               (M.P. POWER MANAGEMENT CO.LTD. Vs PRINCIPAL COMMISSIONER OF INCOME TAX)

                         Dated : 08-05-2023
                               Shri Sapan Usrete - Advocate for the appellant.

                               Shri Akshay Pawar - Advocate for the respondent.

This ITA being arguable is admitted for final hearing on the following substantial question of law:-

"7.1 On the facts and in the circumstances of the case,

whether Tribunal was justified in holding that appellant is liable to book Income and pay tax on amount of Rs.9.06 crores in assessment year 2011-12 whereas it was booked as income and offered for tax correctly in assessment year 2014-15 by following the accounting standard AS-9.

7.2 On the facts and in the circumstances of the case, whether the Tribunal was justified by not following the Judgement of Hon'ble Apex court in the case of Godhra Electricity Co. Ltd (1997) 225 ITR 0746 (SC) which is applicable and failed to realize that Judgment passed by

Hon'ble Apex Court in the case of Chunilal Vs. Mehta and sons (1971) 82 ITR 54 is distinguishable as it pertains to old Act and assessment year involved in 1952-53 wherein the Hon'ble court has dealt with section 10(5A)."

Issue notice on admission to the respondent on payment of process fee within seven working days, failing which this appeal shall stand dismissed without further reference to the Court.

Signature Not Verified List thereafter.

Signed by: POONAM
MANEKAR
Signing time: 5/9/2023
10:33:00 AM




                           (SHEEL NAGU)       (HIRDESH)
                              JUDGE             JUDGE

                         pnm




Signature Not Verified
Signed by: POONAM
MANEKAR
Signing time: 5/9/2023
10:33:00 AM