VARELI TEXTILE INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, Ahmedabad Bench 'B', has raised the following four questions at the instance of the assessee arising out of ITA No. 5451/Ahd/1989 : R.A. No. 579/Ahd/1994 :

(2.) THE Tribunal has also referred one more question arising out of C.O. No. 587/Ahd/1993 which is as follows : RA. No. 580/Ahd/1994 : Whether on the facts and in the circumstances of the case, the Tribunal was right in law in not condoning the delay for submission of the cross -objection and in further holding that such a ground cannot be raised for the first time before the Tribunal in the form of a belated cross -objection in respect of a point which was admittedly not the subject -matter of assessment order passed by the AO nor it was the subject -matter of appeal decided by the CIT(A) ?

(3.) QUESTION No. 1 stands answered in favour of the Revenue and against the assessee in light of ratio of apex Court decision in case of Brooke Bond India Ltd. v. CIT : [1997]225ITR798(SC) . The same is the position in relation to question Nos. 2 and 3. Accordingly, question Nos. 1, 2 and 3 are answered in the affirmative i.e. in favour of the Revenue and against the assessee.