2008 (2) TMI 308

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the court was delivered by D.A. MEHTA -1. The Income Tax Appellate Tribunal, Ahmedabad Bench 'C' has referred the following question under section 256(2) of the Income Tax Act, 1961 ("the Act") at the instance of the Commissioner of Income Tax. "Whether in the facts and circumstances of the case the interpretation of two circulars of the CBDT dt. 22-9-1965 and 6-1-1984 about the limit of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the reply tendered by the assessee the assessment order was set aside and the Assessing Officer was directed to grant deduction to the assessee pegged at a sum of Rs.10,000/- on the basis of circular issued by Central Board of Direct Taxes ("the CBDT") as the assessee was not maintaining the books of accounts though the total receipts were more than Rs.60,000/-. 4. The assessee carried the mat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2 of the said circular, having not been enhanced by the modifying circular the Tribunal was in error in interpreting the second circular to mean that the said ceiling should not apply. 6. On behalf of the respondent-assessee the learned Advocate has invited attention to decision in case of CIT V/s. Tukaram Ramchandra Shinde reported in (1994) 121 Taxation 251 (Bom.) to submit that in fact Bomb....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on towards expenses @ 40% of the gross commission. Thereafter in paragraph No.8 the Tribunal has recorded that in compliance with show cause notice dated 07.01.1994 issued u/s. 263 of the Act, the assessee tendered a detailed reply dated 15.02.1994 whereunder number of objections had been raised but the CIT has, after stating that he has gone through the written submissions made by the assessee, n....