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Commissioner of Income Tax Versus Gurudev Builders

2015 (6) TMI 138 - GUJARAT HIGH COURT

Entitlement to the exemption under Section 54EC - Held that:- The present Tax Appeal is ADMITTED to consider the following substantial question of law - Whether the ITAT is justified in law as well as on facts in coming to the conclusion that the assessee is entitled to the exemption under Section 54EC of ₹ 1 Crore instead of ₹ 5 lakhs ignoring the amendment in Section 54EC by Finance Act (2) of 2014, which is clarificatory in nature?

Deduction from long term capital gain .....

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inst revenue.

Disallowance of expenditure - ITAT allowed the claim - Held that:- The learned CIT(A) has given independent and elaborate reasons while restricting the disallowance of expenditure of ₹ 10,90,223/- and granted the relief to the assessee to the extent of ₹ 6,09,870/- on each item. We see no reason to interfere with the finding recorded by the learned CIT(A) confirmed by the learned Tribunal restricting the disallowance of expenditure to ₹ 10,90,223/- It i .....

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nd order dated 05/12/2014 passed by the learned Income Tax Appellate Tribunal, Rajkot Bench, Rajkot (hereinafter referred to as the "Tribunal") in ITA No.440/RJT/2012 for the Assessment Year 2008-09, the revenue has preferred the present Tax Appeal with the following proposed substantial questions of law; (A) Whether the ITAT is justified in law as well as on facts in coming to the conclusion that the assessee is entitled to the exemption under Section 54EC of ₹ 1 Crore instead o .....

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ell as on facts in directing the Assessing Officer to allow expenses amount to ₹ 6,09,870/- debited in P & L account ignoring the fact that no business had been carried out by the assessee during the year? [2.0] Now so far as the proposed substantial question of law no.(A) is concerned, from the impugned judgment and order passed by the learned Tribunal it appears that the learned Tribunal has relied upon its earlier decision in the case of Aspi Ginwala & Ors. Vs. Assistant Commiss .....

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uestion of law; (A) Whether the ITAT is justified in law as well as on facts in coming to the conclusion that the assessee is entitled to the exemption under Section 54EC of ₹ 1 Crore instead of ₹ 5 lakhs ignoring the amendment in Section 54EC by Finance Act (2) of 2014, which is clarificatory in nature? [3.0] Now so far as the proposed question no.(B) i.e., whether the ITAT is justified in law as well as on facts in directing the Assessing Officer to allow deduction of ₹ 81,48 .....

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xmann 380 (Guj.) and another decision of this Court in the case of CIT Vs. Polestar Industries reported in (2013) Taxmann 423 (Guj.). The learned Counsel appearing on behalf of the revenue is not in a position to show any contrary decision to the aforesaid decisions. He is also not in a position to dispute that the aforesaid question no.(B) is squarely covered against the revenue in view of the aforesaid two decisions of this Court. Under the circumstances and considering the aforesaid two bindi .....

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