Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 133 - HC - Income TaxDemutualization Scheme of the Bombay Stock Exchange - protective addition was made on the issue of BSE membership card and A.O. held that the original cost of card is allotted on computing capital gain of sale of card - ITAT deleted the addition - Held that:- The conceded position is that the card has not been transferred in the year under consideration. That it would be or it may be transferred in future is the assumption on which the A.O. and the Commissioner have proceeded. The Tribunal has held that if what has been transpired in the year under consideration viz. the assessment year in question is the acquisition of 10,000 shares of BSEL in lieu of the membership card, then, that is by itself and without anything more not a case of transfer in the year under consideration. If the transfer has not taken place now but may occur in future then all the issues that have been raised and considered by us in the appeal of Walfort (2014 (10) TMI 184 - BOMBAY HIGH COURT) are identical. It is precisely this basis on which we have proceeded and, therefore, as held in the other case of Walfort Shares and Stock Broking Private Limited that the question of law had projected is purely academic. - No substantial question of law - Decided against revenue. Disallowance made under section 14A - ITAT deleted the addition - Held that:- Question answered by a Division Bench of this Court in the case of Godrej & Boyce Manufacturing Co. Ltd. V/s. DCIT reported in [2010 (8) TMI 77 - BOMBAY HIGH COURT] - Decided against revenue
|