TMI Blog2019 (8) TMI 849X X X X Extracts X X X X X X X X Extracts X X X X ..... income over expenditure derived by the assessee during the previous year relevant to the assessment year 2001-02 is assessable at the maximum marginal rate. The assessee filed an appeal before the Tribunal, this issue arose not only for the assessment year under consideration (2001-02), but also for the assessment year 2002-03. So far as the order passed by the Tribunal for the assessment year 2002-03, admittedly, the revenue did not prefer any appeal. The learned Senior Standing Counsel for the appellant/revenue, on instructions, submitted that appeal was not preferred on account of low tax effect. It is not known as to how the appeal could not have been filed for two reasons namely the issue is a recurring issue, apart from that the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted on 23.12.2008 on the following substantial question of law: Whether on the facts and circumstances of the case, the Tribunal was right in holding that when the shares were donated to the Trust with a condition that it should be retained for at least 5 years, holding of such shares in contravention of Section 13(1) (d) would not result in denial of exemption under Section 11 ? 3. We have heard Mr.J.Narayanaswamy, learned Senior Standing Counsel for the Revenue. Though the respondent has been served none appears for the respondent. 4. On a careful perusal of the entire material papers and reading of the order passed by the Tribunal, we find that the entire matter is wholly factual. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Tribunal followed the decision in the case of CIT Vs. Nagi Reddy Charities reported in 241 ITR 431, which according to the revenue was distinguishable. In any event, the order passed in the assessee's own case which was affirmed by the Tribunal has become final. 7. So far as, present appeal is concerned, the Tribunal took note of the factual position and held that it is not for the assessee to sell the shares and law cannot compel one to do the impossible. 8. We are of the considered view that decision arrived at by the Tribunal is upon appreciation of the factual position and we find that there is no substantial question of law arising for consideration in this appeal. Accordingly, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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