METALDYNE INDUSTRIES LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS Civil Review application has been preferred by the original appellant of Tax Appeal No. 15 of 2010, whose tax appeal was dismissed by the Division Bench of this Court vide order dated 29th June, 2012. It has been held by the Division Bench of this Court that no substantial question of law is involved in the appeal and, hence, Tax Appeal No. 15 of 2010 preferred by the petitioner (original appellant) was dismissed.

(2.) HAVING heard learned counsels for both the sides and looking to the facts and circumstances of the case, it appears that two points were raised in the Tax Appeal, firstly loan received by the Company from Hindu Undivided Family, but, as there was no evidence, this point was not accepted and secondly the sale of scrap of Export Oriented Unit and, therefore, exemption was sought for. This was also not given because the Export Oriented Unit has not received money in foreign currency or convertible exchange. This aspect of the matter has been properly appreciated, at length, by the Division Bench of this Court.

(3.) IT has been held by Hon'ble the Supreme Court in the case of Aribam Tuleshwar Sharma v. Aibam Pishak Sharma, as reported in : (1979) 4 SCC 389, at paragraph 3 as under: