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2021 (8) TMI 1187 - HC - Income TaxCharacterization of income - trading receipts - undistributed amount received by the assessee in the year 1999 towards the terminal benefits of the employees - ITAT concluded not to be treated as trading receipt during the year in appeal - HELD THAT:- Tribunal took note of the factual position, which was placed before it to establish that the remaining amount of ₹ 7.29 Crores, which was left in the hands of the assessee, was used to be adjusted against the students concession subsidy due to the assessee from the Government of Tamil Nadu in the subsequent years. The assessee was able to establish the said fact by producing a Government Order in G.O.Ms.No.44 dated 24.03.2009. Taking note of the said Government Order, the appeal filed by the assessee was allowed by the Tribunal. Government Order dated 24.03.2009 was not placed before the CIT(A), when it heard the appeal and passed the order dated 20.12.2011, but there can be no denying the fact that such an order was passed. The genuinity of the stand taken by the assessee was never in doubt before the Tribunal. No substantial question of law.
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