Commissioner Of Income Tax v. Manorama Sarabhai Trust

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD INCOME TAX REFERENCE No 247 of 1995 For Approval and Signature: Hon'ble MR.JUSTICE R.K.ABICHANDANI and MR.JUSTICE KUNDAN SINGH ============================================================ 1. Whether Reporters of Local Papers may be allowed to see the judgements? [ 2. To be referred to the Reporter or not? 3. Whether Their Lordships wish to see the fair copy of the judgement? 4. Whether this case involves a substantial question of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder? 5. Whether it is to be circulated to the Civil Judge? -------------------------------------------------------------- COMMISSIONER OF INCOME TAX Versus MANORAMA SARABHAI TRUST NO.3 -------------------------------------------------------------- Appearance: Mr. Pranav G Desai for MR MANISH R BHATT for Petitioner D.A.Mehta & R K Patel for respondent. -------------------------------------------------------------- CORAM : MR.JUSTICE R.K.ABICHANDANI and MR.JUSTICE KUNDAN SINGH Date of decision: 02/02/98 ORAL JUDGEMENT ��The Income-Tax Appellate Tribunal, Ahmedabad has referred the following two questions, the first being at the instance of Revenue and the second at the instance of the assessee for the opinion of this Court under the provisions of Section 256(1) of the Income Tax Act, 1961. ��At the instance of Revenue: "Whether the Appellate Tribunal is right in law and on facts in holding that when the assessee received shares, debentures and bonds of amalgamated companies, there was no transfer under section 2(47) of the Income-Tax Act and consequently no capital gains tax could be charged ? " ��At the instance of the assessee: Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that the assessee was not entitled to exemption under section 47 (vii) of the Income-Tax Act, 1961 ? " 2.��For the reasons given by us in the judgment delivered today in ITR No.221 of 1995 in the case of an assessee belonging to the same group as in this matter which raises an identical question in the background of similar facts, we leave the question referred to us at the instance of Revenue, as unanswered, and, answer the question referred to us at the instance of assessee in the affirmative and against asessee and in favour of the Revenue. The Reference stands disposed of accordingly with no order as to costs. (R.K.Abichandani,J)��(Kundan Singh,J) ***darji