- (1.) Heard Sri Alok Mathur and Sri Manish Mishra, for the appellant and Sri Devashish A. Mehrotra for the respondent.
(2.) This appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") has arisen from judgment and order dated 21.10.2014 passed by Income Tax Appellat Tribunal, Lucknow Bench B, Lucknow (hereinafter referred to as the "Tribunal") in Income Tax Appeal No. 541/LKW/2013.
(3.) This appeal was admitted on following substantial question of law: "Whether the Hon'ble ITAT has erred in law as well as in the facts and circumstances of the case in holding that the books of account has to be rejected before referring to the D.V.O. under Section 142A and ignoring the decision in the case of Bharathi Cement Corporation Ltd Versus C.I.T., 2012 253 CTR(HC) 98 (AP) and the decision of divisional bench of Uttarakhand High Court in the case of CIT Vs. Bhavani Shanker Vyas, 2009 311 ITR 8 (Uttrakhand).";