2016 (6) TMI 1306

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....ppeal was summarily dismissed by this Court vide order dated 25.7.2007, however, against that order an appeal was being filed before the Honourable Apex Court being Civil Appeal No.6663 of 2010 and upon the Apex Court remitting the matter to this Court for de-novo consideration, present appeal is taken up for hearing. 3. At the time of admitting present appeal, following questions of law were framed for consideration of this Court. "(i) Whether on the facts and in the circumstances of the case, Appellate Tribunal is justified on facts and in law in admitting the additional ground which was specifically not pressed before the CIT (A)? (ii) Whether on the facts and in the circumstances of the case, Appellate Tribunal is justified on ....

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....Coming to issue in Ground No. 2 (vi) - interest on share application, the same will be decided along with additional ground No.2. Ground Nos. 3 and 4 will be decided along with additional grounds. Coming to Ground No.5, following Tribunal judgment in assessee's own case for A.Y 1992-93, which is reproduced above, is dismissed. Ground No.6 is held to be consequential in nature, while Ground No.7 is general in nature, does not require any adjudication. 11. Coming to additional ground, both parties are heard, learned DR has filed written submission which are perused. As far as additional ground No.1 about sales tax benefits is concerned, the issue has been decided in earlier year by the Tribunal in favour of assessee following ....

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....e against interest earned on share application money, in principle, Ground No.2 (vi), Ground No.3 and Ground No.4 are dismissed." 5. Mr.Nitin Mehta, learned counsel for the appellant contended that there are serious questions involved in the present appeal and, therefore, the matter was argued at length and prayed to allow appeal in favour of the appellantdepartment. On the other hand, Mr.Soparkar, learned counsel for the respondent relied upon the decisions of this Court in Commissioner of Income Tax v. Mitesh Impex reported in [2014] 46 taxmann.com 30 (Gujarat) and in the case of Commissioner of Income Tax-IV v. Shree Rama Multi Tech Ltd. reported in [2013] 32 taxmann.com 296 (Gujarat) and submitted that as the issue is already covered....