HINDUSTHAN M-I SWACO LTD. Vs. PR COMMISSIONER OF INCOME TAX, VADODARA
HIGH COURT OF GUJARAT
Hindusthan M -I Swaco Ltd.
Pr Commissioner Of Income Tax, Vadodara
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AKIL KURESHI,J. -
(1.) The petitioner has challenged an order dated 09.12.2015 passed by the respondentPrincipal Commissioner of Incometax, transferring the
assessment cases of the petitioner in exercise of
powers under section 172(2) of the Income Tax Act,
1961 ('the Act' for short).
(2.) Brief facts are as under.
(3.) Petitioner is a company registered under the Companies Act and is engaged in the activity of
manufacturing chemicals. The petitioner has two
manufacturing units in Gujarat. A search and seizure
operation was carried out by the investigation wing of
the Incometax department at Kolkata on 23.12.2014 in
case of one Hindusthan Engineering & Industries Ltd.
group (hereinafter to be referred to as the 'searched
person'). Later, the petitioner was subjected to
survey operations by the Incometax authorities.
According to the petitioner, during the survey
operations, though discrepancies in valuation of
inventory was noticed, no incriminating materials were
found indicating any transaction between the
petitioner company and the searched person.;
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