Fri. Sep 25th, 2020

The Commissioner Of Income Tax vs M/S Nalwa Investment Ltd. on 7 August, 2020

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1. The present appeals under Section 260A of the Income Tax Act, 1961
(‘the Act’) filed by the Revenue are directed against the common order dated
17th February, 2005, (‘impugned order’) passed by the Income Tax
Appellate Tribunal (‘ITAT’) in ITA No.(s) 1739,1740,1742 & 1743/Del/
2001 Assessment Year 1997-98 (‘AY’), allowing the appeals preferred by
the Respondent-assessees against the order of the CIT(A). Resultantly,

ITA 822/2005 & connected matters Page 2 of 37
additions made by the Assessing Officer (‘AO’) in the orders of assessment,
as confirmed by CIT(A) have been set-aside.

2. The ITAT has decided all the appeals by way of a common order and
furthermore since the question of law arising therefrom is identical in all the
appeals, the same were heard together and are being disposed of by way of
this common judgment. However, for the sake of convenience and to
precisely delineate the controversy in the present appeals, factual
background in ITA No. 822/2005 is being noted and discussed in detail.

Source: Indian Kanoon

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