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2010 (1) TMI 35 - HC - Income TaxTaxability of a sum kept under a fund - Transport Infrastructure Utilization Fund (TIUF) – Diversion of income by overriding title - The fact that the petitioner kept aside a sum of Rs 5/- per bottle for the TIUF was disclosed by the petitioner in its income tax return. In fact, the department had, in respect of earlier assessment years, taken the stand that the said sum of Rs 5/- per bottle was taxable in the hands of the petitioner. However, in respect of the assessment year 1990-91 and 1991-92 the matter was carried in appeal to the Income Tax Appellate Tribunal, which by its decision dated 31st August, 1995 held the same not to be taxable, after recording a finding that it was nothing but diversion of income by overriding title – held that - holding that initiation of the proceedings in question was based entirely on change of opinion, we find that the re-assessment proceedings are without jurisdiction. The notices under Section 147/148 of the said Act and the proceedings pursuant thereto stand quashed
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