Gujarat H.C : Whether, the Tribunal is right in law and on facts in deleting the addition of Rs. 11,73,876 made on account of change of method of accounting by invoking the provisions of s. 145 of the Act?

High Court Of Gujarat

CIT vs. Soma Textiles & Industries Ltd.

Section 260A

J.M. Panchal & M.S. Shah, JJ.

Tax Appeal No. 60 of 2001

5th March, 2001

Counsel Appeared

B.B. Naik for Manish R. Bhatt, for the Petitioner

ORDER

M.S. SHAH, J. :

In this appeal, the Revenue has proposed the following substantial questions of law for our consideration :

(1) Whether, the Tribunal is right in law and on facts in deleting the addition of Rs. 11,73,876 made on account of change of method of accounting by invoking the provisions of s. 145 of the Act?”

(2) Whether, the ratio of the decision of the Hon’ble Supreme Court in the case of McDowell & Co. vs. CTO (1985) 47 CTR (SC) 126 : (1985) 154 ITR 148 (SC) is not clearly applicable to the facts of the present case?”

2. In view of the finding given by the Tribunal that the change in the method of accounting was bona fide and consistently followed in the subsequent years, no substantial questions of law arise in this appeal. The appeal is, therefore, summarily dismissed.

[Citation : 253 ITR 137]

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