INCOME TAX OFFICER Vs. SUBHAS AND CO.

JUDGEMENT

(1.) THIS is an appeal filed by the Revenue against the order of ld. Commissioner of Income Tax (Appeals) -XXX, Kolkata in Appeal No. 163/CIT(A) -XXX/Ward -45(2)/2008 -09 dated 05.11.2009 for the assessment year 2006 -07.

(2.) SHRI Aloke Nag, JCIT, represented on behalf of the Revenue and Shri Soumitra Choudhury, Advocate, represented on behalf of the assessee.

(3.) WE have heard the rival submissions and gone through the facts and circumstances of the case. At the outset, it is seen that Hon'ble Delhi High Court in the case of CIT Vs M/s. P.S. Jain & Co. in ITA No. 179/1991 dated 02.08.2010 has held as under: