BHARATBHAI J. VYAS Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) BY way of this appeal, the appellant has challenged the judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'C' in ITA No. 1260/Ahd/2004 for A.Y. 2000 -01.

(2.) WHILE admitting this appeal on 13.11.2006, this Court has framed the following substantial questions of law:

(3.) HEARD the learned advocates appearing for the parties and considered the submissions. Learned advocate Mr. Soparkar has submitted that the facts of this case is covered by the decision of the Supreme Court in the case of Commissioner of Income -tax, Kolkata v. Smifs Securities Ltd., reported in : [2012] 348 ITR 302. The observations made in para -6 & 8 are as under: