TMI Blog2014 (10) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... 006 (2) TMI 129 - GUJARAT High Court] - Once section 46(2) comes into play, there is no question of invoking the provisions of section 45 of the Act, and the deeming fiction under section 47 of the Act operates only in relation to transfers amenable to the provisions of section 45 of the Act. This is abundantly clear from the opening portion of section 47 of the Act – thus, the capital gain tax is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be eligible for grant of benefit envisaged un section 47(v) of the Act ? 3. The earlier Division Bench of this Court has ordered that this Tax Appeal to be heard along with Tax Appeal No. 102/1995. 4. The brief facts are that the assessee is an Investment Company. The return of income was filed on 10.11.1994 declaring total income at Rs. Nil. On scrutiny of accounts, it was discovered by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be taxed as capital gain. 5. Heard the learned advocates appearing for the parties and considered the rival submissions made on behalf of the respective parties. The learned advocate appearing for the assessee has pointed out that the issue is squarely covered in favour of the assessee by the decision of this Court rendered in the case of Brahmi Investment P. Ltd., wherein, this Court has con ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
