Case Law Details
1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has dismissed the appeal filed by the department and allowed the appeal and the cross objection of the assessee.
2. This Court while admitting the appeal on 21.10.2013 has framed the following substantial questions of law:
“(i) Whether, the cross objection filed by the assessee challenging the addition on account of bogus purchases was maintainable when the assessee itself filed an application for treating the said income as its business income instead of ‘income from other sources?
(ii) Whether the Tribunal was justified in upholding the order of CIT(A) wherein it has held that the disallowed purchases of Rs. 2,42,445/- should be treated as ‘income from business’ and not as ‘income from other sources’, ignoring the fact that the addition itself of Rs. 17,80,595/- sustained by the CIT(A) was also challenged by the assessee before the Tribunal?
3. Counsel for both the parties have submitted that the issues are squarely covered by the decision of this Court in the case of Commissioner of Income Tax Vs. M/s Gems Paradise, Gulab Niwas, M.I. Road, Jaipur in DB Income Tax Appeal No. 201/2010 wherein in para 3 & 4, the Court has observed as under:
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