2015 (2) TMI 904

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....VOCATE JUDGEMENT K. S. Jhaveri J.- 1. By way of this appeal, the appellant-Revenue has challenged the order dated August 7, 2000, passed by the Income-tax Appellate Tribunal, Ahmedabad Bench "C" in I. T. A. No. 4535/Ahd/1992 for the assessment year 1989-90. 2. While admitting the appeal, this court has framed the following substantial question of law :      ....

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....er of Income-tax, Gujarat I, Ahmedabad, has accorded necessary approval to the gratuity fund, the assessee has revised the return excluding the gratuity provision. Therefore, vide notice under section 142(1) dated August 22, 1990, the assessee was requested to furnish (i) copy of the agreement for having taken over of textile division of Ahmedabad Advance Mills Ltd., (ii) copies of resolution ment....

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....learned senior advocate appearing for Nanavati and Nanavati, has submitted that in view of the decision in the case of Polyflex (India) Pvt. Ltd. v. CIT reported in [2002] 257 ITR 343 (SC), wherein, the hon'ble Supreme Court has held that the refund of excise duty has to be treated as deemed profit. In that view of the matter, it is contended that the question is covered by the said decision. ....