2015 (4) TMI 624

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.... S.H.VORA, JJ. FOR THE APPELLANT : MRS SWATI SOPARKAR, ADVOCATE FOR THE RESPONDENT : MR KM PARIKH, ADVOCATE JUDGMENT : (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1. As common questions of law and facts arise in all this group of appeals, but with respect to different assessment years and with respect to common assessee, - Gujarat Cooperative Milk Marketing Federation Limited, all these....

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....s are squarely decided and covered against the appellant - assessee in view of the order passed by the Division Bench of this Court in ITR No.65 of 1997 as well as Tax Appeal No.72 of 2004 with Tax Appeal No.211 of 2004 (with respect to earlier assessment orders). Identical substantial questions of law in the case of very assessee came to be considered, dealt with and answered by this Court in ITR....

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....ecifically provides ...and such reserve fund may be used in the business of the society or ..... In other words, it is only in the event the society does not choose to use the reserve fund for the business of the society that the question about investing the reserve fund in the specified category of investments and thereafter utilizing the same for the objects specified by the State Government can....

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....itle nor can such transfer be treated as a business expenditure deductible either under Section 28 or Section 37 of the Act. Accordingly, both the questions at the instance of the assessee are answered in the affirmative i.e. in favour of the Revenue and against the assessee." 3. It is required to be noted that even other tax appeals being Tax Appeal No.74 of 2004 with Tax Appeal No. 211 of 200....