DCIT, CENTRAL CIRCLE-2, SURAT, SURAT vs. DHANPRIYA PRINTS PVT. LTD.,, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

iv). Share certificate issued to the allottee, i.e. M/s Rangila Suppliers Pvt. Ltd. (v) PAN Number and address. Based on these documents and evidences, the ld Counsel contended that assessee has discharged its onus as required in the section 68 of the Act and identity of the creditor, genuineness of the transactions & creditworthiness of the creditors have been proved beyond

BETEX INDIA LIMITED,SURAT vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

iv). Share certificate issued to the allottee, i.e. M/s Rangila Suppliers Pvt. Ltd. (v) PAN Number and address. Based on these documents and evidences, the ld Counsel contended that assessee has discharged its onus as required in the section 68 of the Act and identity of the creditor, genuineness of the transactions & creditworthiness of the creditors have been proved beyond

BILAKHIA HOLDING P LTD,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

36,27,838/- being surplus on sale of shares received as gift to the book profit for taxation under section 115JB. The action of the Learned Commissioner of Income-tax (Appeals) is contrary to facts and law and deserve to be deleted. 5. Succinct facts are that the assessee company has disclosed income by way of long-term capital gain

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

36,27,838/- being surplus on sale of shares received as gift to the book profit for taxation under section 115JB. The action of the Learned Commissioner of Income-tax (Appeals) is contrary to facts and law and deserve to be deleted. 5. Succinct facts are that the assessee company has disclosed income by way of long-term capital gain

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE ADDL.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

36,27,838/- being surplus on sale of shares received as gift to the book profit for taxation under section 115JB. The action of the Learned Commissioner of Income-tax (Appeals) is contrary to facts and law and deserve to be deleted. 5. Succinct facts are that the assessee company has disclosed income by way of long-term capital gain

BILAKHIA HOLDINGS PVT. LTD.,VAPI vs. THE ACIT.,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

36,27,838/- being surplus on sale of shares received as gift to the book profit for taxation under section 115JB. The action of the Learned Commissioner of Income-tax (Appeals) is contrary to facts and law and deserve to be deleted. 5. Succinct facts are that the assessee company has disclosed income by way of long-term capital gain

INCOME TAX OFFICER, WARD-2(3)(8), SURAT vs. MAHAVEER SHANTILAL JAIN, SURAT

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.453/Srt/2019 "नधा"रण वष"/Assessment Year: (2013-14) (Physical Hearing) The Ito, Vs. Mahaveer Shantilal Jain, Ward-2(3)(8), Prop. M/S Mukesh Diamonds, 1St Surat. Office No.401, Floor, H.No.5/1171/72/73/1090, New Dtc, Hath Falia, Haripura, Surat – 395009. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aqupj6439L Appellant By Shri Ritesh Mishra, Cit(Dr) Respondent By Shri P. M. Jagasheth, Ca Date Of Hearing 08/09/2023 Date Of Pronouncement 25/09/2023

IV, Lucknow had no jurisdiction over the assessee as the jurisdiction over the assessee was transferred to the Additional CIT, Range-I, Lucknow. It was held that there cannot be situation where two Assessing Officer would have simultaneous jurisdiction over the assessee. Accordingly, it was held that the Tribunal had rightly held that the issuance of notice under section

HUBERGROUP INDIA PVT. LTD. (FORMERLY KNOWN AS MICRO INKS PVT. LTD.),VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Huber Group India Pvt. Assistant Commissioner Of Ltd. (Formerly Known As Income Tax, Vapi, Circle, Vs Micro Inks Pvt.Ltd.) Shivam Commercial Bilakhia House, Complex, National High Muktanand Marg, Way No.8 Vapi Chala, Vapi-396191 Pan : Aaach 7063 F Appellant / Assessee Respondent / Revenue

36,625/- from the profit of EOU Unit while granting deduction U/s. 10B. 6 Excluding the Income by way of 'scrap sales' to the tune of Rs.45,49,512/- from the profit of Silvassa - Unit 2 while granting deduction U/s. 80IB. 7 Confirming the action of the AO in rejecting the assessee company's claim during the course of assessment

THE DY.COMMISSIONER OF INCOME TAX CIRCLE-2(3),, SURAT vs. M/S. RAJ ENTERPRISES,, SURAT

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

36. On the statement of Gobarbhai Gondalia, ld. AR for the assessee submits that statement was recorded on 07.01.2010 during the survey proceeding, copy of which is filed on record. In his statement was recorded at 3.30 AM during night hours on 07.01.2010. The Gujarat High Court in the case of Kailashben Manharlal Choksi

M/S. RAJ ENTERPRISE,,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX-6,, SURAT

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

36. On the statement of Gobarbhai Gondalia, ld. AR for the assessee submits that statement was recorded on 07.01.2010 during the survey proceeding, copy of which is filed on record. In his statement was recorded at 3.30 AM during night hours on 07.01.2010. The Gujarat High Court in the case of Kailashben Manharlal Choksi

M/S. RAJ ENTERPRISE,,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX-6,, SURAT

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

36. On the statement of Gobarbhai Gondalia, ld. AR for the assessee submits that statement was recorded on 07.01.2010 during the survey proceeding, copy of which is filed on record. In his statement was recorded at 3.30 AM during night hours on 07.01.2010. The Gujarat High Court in the case of Kailashben Manharlal Choksi

SHRI CHAMPAKBHAI AMBALAL PATEL,,SURAT vs. THE INCOME TAX OFFICER, WARD-3(3),, SURAT

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.3039/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Pankajbhai Ambalal Patel, V The Income Tax Officer, Ward-3(1), Surat. 1004, Shreeji Sayona Apartment, S City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8297 Q] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.3040/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Champakbhai Ambalal Patel, V The Income Tax Officer, 1004, Shreeji Sayona Apartment, S Ward-3(3), Surat. City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8296 R] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Hiren M.Diwan – Ca राज"वक"ओरसे /Revenue By Smt. Anupama Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 04.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 13.12.2019 आदेश /O R D E R Per Sandeep Gosain, Jm: 1. This Two Appeals By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-Iv, Surat Dated 27.08.2014 For The Assessment Year 2010-11. Page 2 Of 10 Pankajbhai Ambalal Patel & Other Vs. Ito, Ward-3(1), Surat. /Ita No’S.3039 & 3040/Ahd/2014 For A.Y. 2010-11

IV, Surat dated 27.08.2014 for the assessment year 2010-11. Page 2 of 10 Pankajbhai Ambalal Patel & Other Vs. ITO, Ward-3(1), Surat. /ITA No’s.3039 & 3040/AHD/2014 for A.Y. 2010-11 2. Grounds raised by the assessee in ITA No.3039/Ahd/2014 read as under : “1) The ld.Commissioner of Income Tax (Appeals) has erred in law and on facts in confirming

SHRI PANKAJBHAI AMBALAL PATEL,,SURAT vs. THE INCOME TAX OFFICER, WARD-3(1),, SURAT

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.3039/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Pankajbhai Ambalal Patel, V The Income Tax Officer, Ward-3(1), Surat. 1004, Shreeji Sayona Apartment, S City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8297 Q] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.3040/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Champakbhai Ambalal Patel, V The Income Tax Officer, 1004, Shreeji Sayona Apartment, S Ward-3(3), Surat. City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8296 R] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Hiren M.Diwan – Ca राज"वक"ओरसे /Revenue By Smt. Anupama Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 04.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 13.12.2019 आदेश /O R D E R Per Sandeep Gosain, Jm: 1. This Two Appeals By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-Iv, Surat Dated 27.08.2014 For The Assessment Year 2010-11. Page 2 Of 10 Pankajbhai Ambalal Patel & Other Vs. Ito, Ward-3(1), Surat. /Ita No’S.3039 & 3040/Ahd/2014 For A.Y. 2010-11

IV, Surat dated 27.08.2014 for the assessment year 2010-11. Page 2 of 10 Pankajbhai Ambalal Patel & Other Vs. ITO, Ward-3(1), Surat. /ITA No’s.3039 & 3040/AHD/2014 for A.Y. 2010-11 2. Grounds raised by the assessee in ITA No.3039/Ahd/2014 read as under : “1) The ld.Commissioner of Income Tax (Appeals) has erred in law and on facts in confirming

THE ACIT, VAPI CIRCLE,, VAPI vs. M/S. N.R. AGARWAL INDUSTRIES LTD.,, VAPI

In the result the ground No

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

price of coal disallowed 2007-08 50690 24496 23362 1134 2330 2642203 2008-09 50082 21729 23082 -1353 2673 -3616013 2009-10 55952 32361 25787 6574 3250 21364987 2010-11 57616 30204 26554 3650 3033 11070262 21. The ld. CIT(A) has observed that as he has worked out lower coal consumption of Unit

N.R. AGARWAL INDUSTRIES LTD.,,VAPI vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-3,, SURAT

In the result the ground No

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

price of coal disallowed 2007-08 50690 24496 23362 1134 2330 2642203 2008-09 50082 21729 23082 -1353 2673 -3616013 2009-10 55952 32361 25787 6574 3250 21364987 2010-11 57616 30204 26554 3650 3033 11070262 21. The ld. CIT(A) has observed that as he has worked out lower coal consumption of Unit

SHRI JIVRAJBHAI H. BALAR,,SURAT vs. THE INCOME TAX OFFICER, WARD-8(2),, SURAT

In the result, appeals filed by the assessee for assessment years 2004-05 to 2007-08, ( IT(SS)A Nos

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./It(Ss)A No.150 To 154/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2004-05 To 2008-09) (Physical Court Hearing) Jivrajbhai Harkhabhai Balar, The Dcit, Central Circle-1, Vs. 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent) आयकरअपीलसं./Ita No.1245/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2010-11) Jivrajbhai Harkhabhai Balar, Vs. The Dcit, Central Circle-1, 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent)

price reflected is Rs.16,17,91,847/- whereas, the sale consideration shown in the registered sale deed was only to the tune of Rs.4,52,60,000/-. Thus, the difference of Rs.11,65,31,847/- was added to the total income as unexplained expenditure under Section 69C of the Act. IT(SS)A.150-154/AHD/2015 & ITA.1245/AHD/2015 Assessment Years

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

iv) of the Act. 8. Learned counsel for the respondent Mr. Patel has contended that the issue is covered by the decision of the Apex Court in the case of Guffic Chem (P.) Ltd. v. CIT [2011] 332 ITR 602/198 Taxman 78/10 taxmann.com 105 (SC) where in paragraph No. 7 it is held as follows: "Two questions arose for determination

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

iv) of the Act. 8. Learned counsel for the respondent Mr. Patel has contended that the issue is covered by the decision of the Apex Court in the case of Guffic Chem (P.) Ltd. v. CIT [2011] 332 ITR 602/198 Taxman 78/10 taxmann.com 105 (SC) where in paragraph No. 7 it is held as follows: "Two questions arose for determination