HINDUSTHAN M-I SWACO LTD. Vs. PR COMMISSIONER OF INCOME TAX, VADODARA
LAWS(GJH)-2016-6-269
HIGH COURT OF GUJARAT
Decided on June 28,2016

Hindusthan M -I Swaco Ltd. Appellant
VERSUS
Pr Commissioner Of Income Tax, Vadodara Respondents

JUDGEMENT

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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