In The Case Of Cit v. In This View Of The Matter, The Appeal Is Dismissed With No Order As To Costs, the High Court (2012) allowed the appeal under Section 50 of the Income-tax Act. The decision went in favour of the Revenue.
Issue: DATE : 18TH DECEMBER, 2012 PC: The question of law raised by the revenue in this appeal read thus: Whether on the facts and in the circumstances of the case and in law the ITAT was correct in allowing the claim of exemption u/s.
Decision: 3)In this view of the matter, the appeal is dismissed with no order as to costs.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
ASN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.1717 OF 2011
Commissioner of Income Tax-11.v.
M/s. New Era Talkies.
...Appellant.
...Respondent.
Mr. D.K.Kamwal for the Appellant.
Dr. Shivram with Mr. Ajay R. Singh for the Respondent.
CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ.
DATE : 18TH DECEMBER, 2012
PC:
The question of law raised by the revenue in this
appeal read thus:
Whether on the facts and in the circumstances of the case and in law the ITAT was correct in allowing the claim of exemption u/s. 54EC of the Income Tax Act, 1961 for the sum invested in Rural Electrification Corporation (REC) Bonds, out of sale of depreciated asset as the facts of the case falls squarely within the provisions of section 50 of the Act?
The Tribunal by following the judgment of this Court in
the case of CIT v. ACE Builders Pvt. Limited reported in [2006] 281 ITR Page-210 (Bom.) allowed the claim of the assessee. The fact that the revenue has not accepted the decision of this case in the case of ACE Builders (supra) cannot be a ground to not to follow the decision of this court.
3)In this view of the matter, the appeal is dismissed with no order as to costs.
(M.S.SANKELCHA, J.)
(J.P. DEVADHAR, J.)
This page reproduces a public-domain court order (Section 52(1)(q)(iv), Copyright Act 1957). Explanations are EaseValue's original analysis. Always read the original order.
Disclaimer: General information only — not legal, tax or professional advice, and no advocate/CA–client relationship is created. AI-generated summaries may contain errors and must be verified against the original court order. EaseValue accepts no liability for reliance on this content. Not a solicitation.
Full disclaimer & Terms.
EaseValue