Supreme Court grants appeal to Revenue, overturns Gujarat High Court ruling.

The Supreme Court granted leave to appeal to the Revenue, dissatisfied with the High Court of Gujarat's judgment. The Court found the issue was covered against the Assessee based on a previous decision. The appeals were allowed, and the impugned judgment was quashed and set aside, with no costs awarded.

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Issues involved:
The issues involved in this case pertain to the appeal against the impugned common judgment and order passed by the High Court of Gujarat at Ahmedabad in SCA No. 12832/2018 and R/SCA No 16782/2018.

Judgment Summary:

The Supreme Court granted leave to appeal to the Revenue, who was dissatisfied with the impugned common judgment and order dated 02-04-2019 of the High Court of Gujarat at Ahmedabad. It was noted that a batch of appeals were previously preferred before the Court, and the impugned judgment had been set aside in the case of Income Tax Officer vs Vikram Sujitkumar Bhatia 2023 SCC Online SC 370. The issue in the present appeals was found to be squarely covered against the Assessee and in favor of the Revenue based on the aforementioned decision. The respondent's counsel acknowledged that the issue was decided against the Assessee. Consequently, the Supreme Court allowed the appeals, quashed, and set aside the impugned judgment and order of the High Court. No costs were awarded in this matter.

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