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2005 (12) TMI 62 - HC - Income TaxCompanies (Profits) Surtax Act, 1964 - "Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was legally correct to hold that the assessee was not liable to surtax under the Companies (Profits) Surtax Act, 1964, by virtue of exemption available under Notification No. G.S.R. 307(E), dated March 31, 1983 (see [1983] 142 ITR (St.) 88), issued under section 24AA of the Companies (Profits) Surtax Act, 1964?" - the assessee is not a company as referred in section 24AA(2)(a) of the Act, hence, the assessee is not entitled for the exemption as claimed on the basis of the said notification - judgments of the Income-tax Appellate Tribunal as well as of the Income-tax Commissioner (Appeals) are hereby set aside and the judgment of the assessing authority is upheld
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