Nma/2480/2007 Of The Commissioner Of Income Tax-3, Mumbai v. M/S Fidelity Shares And Securities (P) Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.2480 OF 2007 IN INCOME TAX APPEAL (L) NO.1218 OF 2007 The CIT-3 ..Appellant V/s. M/s.Fidelity Shares & Securities (P) Ltd., ..Respondent ---- Mr.Vimal Gupta and Mr.P.S.Sahadevan for the appellant. Mr.J.D.Mistry for the respondent. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 26.02.2008. PC 1. Considering the issue involved in the appeal, we find that the finding is recorded by Commissioner (Appeals) that entire amount of receipt on sale of assets as envisaged under Section 54 EA has been reinvested in specified securities as laid down in section 54 EA which renders these receipts totally exempt from tax. This finding was not disputed in the appeal filed before the Tribunal. 2. Considering the above, the question as framed was purely academic and consequently, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)