Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (4) TMI 493 - CALCUTTA HIGH COURTApplicability of section 32A(5) - withdrawal of benefit of investment allowance granted earlier - sale of plant and machinery - assessee contended that it is sale of entire division as slump sale and not the case of sale of plant and machinery as such - Held that:- once it is established that the right of the assessee in the Plant and Machineries has been extinguished due to the sale of the entire division, the provisions contained in Section 32A (5) of the Act are definitely attracted. - the language is clear and unambiguous and it also reflects the real intention of the legislature to withdraw the benefit if the plant and machinery are transferred within the specified period and the exemption is also specified clearly and there is no scope of extending the list beyond what are mentioned therein. Right of equality - Article 14 of the constitution - Certain transaction excluded from the scope of section 32A(5) when transferred to specified persons - Held that:- Article 14 prohibits dissimilar treatment to similarly situated persons, but does not prohibit classification of persons not similarly situated, provided such classification is based on intelligible differentia and is otherwise legal, valid and permissible.
|