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COMMISSIONER OF INCOME TAX Versus GUJARAT MARITIME BOARD

2017 (1) TMI 1260 - GUJARAT HIGH COURT

Premium received on sale of assets - Addition on account of Revenue recognition of the premium received on allotment of plots - Held that:- Assessee was following cash method of accountancy and upto the preceding year of assessment, the income of the assessee was exempted under Section 10 (20A) of the Income Tax Act being the local authority. The year under consideration was the first year after the exemption period was over. Therefore, the learned Tribunal has rightly held that, no addition was .....

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68/on account of depreciation, when the assessee is assessed u/s. 11 (1) of the Act?” - TAX APPEAL NO. 9 of 2017 - Dated:- 16-1-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1. Leave to replace the order of assessment. 2. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal dated 27.04.2016 passed in ITA No. 2933/Ahd/2009 for ass .....

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on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in confirming the decision of CIT (A) and deleting addition of ₹ 20,68,73,968/on account of depreciation, when the assessee is assessed u/s. 11 (1) of the Act? 3. We have heard Shri Manish Bhatt, learned advocate appearing on behalf of Revenue and Mr. S.N. Soparkar, learned counsel with Mr. G.H. Virk, appearing on behalf of the assessee. 4. Now so far as proposed question No. A is concerned, it is r .....

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the premium received on allotment of plots by way of spreading the revenue for a period of 10/20/25 years on the basis of AG (Audit) Report. The learned Tribunal has held in Para No. 10.3 as under: We have heard the rival contentions and perused the material on record. The issue arising in this ground has raised pursuant to report of AG (Audit), Rajkot relating to Premium Grant and Capital Receipt for being not recognized as revenue so far and the suggestion was made to spread the premium for 2 .....

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that the assessee is not carrying on any business activity, rather carrying on charitable activities in the form of providing services relating to general public utility which in the case before us relates to maintaining of ports in the State of Gujarat. We further observe that both the lower authorities have not appreciated the fact that the accounts of the assessee were being maintained on cash basis upto Financial Year 200102 and certainly in the case of the assessee who carries on cash basis .....

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