ZAVERCHAND GAEKWAD LIMITED vs. INCOME TAX OFFICER WARD 4 (4)

C/TAXAP/865/2009 JUDGMENT DATED: 14/09/2022 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 865 of 2009

FOR APPROVAL AND SIGNATURE:

HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMAR

and HONOURABLE MR. JUSTICE ASHUTOSH J. SHASTRI ============================================= 1 Whether Reporters of Local Papers may be allowed to see the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of the judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India or any order made thereunder ? ============================================= ZAVERCHAND GAEKWAD LIMITED Versus INCOME TAX OFFICER WARD 4 (4) ============================================= Appearance: MR BANDISH SOPARKAR for MRS SWATI SOPARKAR(870) for the Appellant(s) No. 1 MR.VARUN K.PATEL(3802) for the Opponent(s) No. 1 ============================================= CORAM:HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMAR and HONOURABLE MR. JUSTICE ASHUTOSH J. SHASTRI

Date : 14/09/2022

ORAL JUDGMENT (PER : HONOURABLE THE CHIEF JUSTICE MR. JUSTICE ARAVIND KUMAR) 1. In this appeal following substantial question of law has been Page 1 of 3

C/TAXAP/865/2009 JUDGMENT DATED: 14/09/2022 raised :- “1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the Assessing Officer was justified in invoking the provisions of Section 147 of the Income Tax Act, 1961, for re-opining of the assessment for the Assessment Year 2000-01. 2. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the Assessing Officer was justified in making a reference under Section 55A of the Income Tax Act, 1961 to the District Valuation Officer for ascertaining the Fair Market Value of the property as on 01.04.1981?” 2. The co-ordinate Bench in the matter of Commissioner of Income Tax v. Gauranginiben S. Shodhan Indl., reported in 367 ITR 238 has answered the substantial question of law framed in the instant appeal, namely in relation to the provisions of Section 55A of the Income Tax Act, 1961. 3. However, the learned counsel appearing for the appellant submits that in light of substantial question of law no. 2 having been answered by this Court in favour of the appellant, he would not press, substantial question of law no. 1 framed in the appeal memorandum as well as by this Court. His submission is placed on record. Page 2 of 3

C/TAXAP/865/2009 JUDGMENT DATED: 14/09/2022 3. Since, substantial question of law framed in this appeal, stands fairly covered in favour of the assessee by judgment of Apex Court in Gauranginiben’s case referred to supra, this appeal is allowed by answering the substantial question of law in favour of the assessee. No orders as to costs. (ARAVIND KUMAR,CJ) (ASHUTOSH J. SHASTRI, J) phalguni Page 3 of 3