(Per : HONOURABLE MR.JUSTICE V. M. SAHAI)
1. Heard Ms.Bhumi Thakor appearing with Ms.Swati Soparkar, learned counsel appearing for the appellant and Ms.Mauna M.Bhatt, learned counsel appearing for the revenue.
2. Admit.
We formulate the substantial question of law as under:
1. Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in invoking section 41(1) of the Act in relation to the refund of the excise duty paid by the assessee, which was not charged by the assessee to the Profit and Loss account in the year of payment ?
2. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in concluding that the excise duty refund is an indirect charge to the Profit and Loss account when admittedly the excise duty paid was only shown as advance in the Balance Sheet of the Appellant and what was refunded back to the Appellate was the advance paid by it ?
3. Issue notice to the respondent. Paper book be filed within three months.
(V.M.SAHAI,J) (N.V.ANJARIA,J) ***vcdarji Top