Gujarat High Court
Commissioner Of Income Tax-Ii vs Kulgam Holdings Pvt ... on 15 January, 2014
Author: Akil Kureshi
Bench: Akil Kureshi, Sonia Gokani
O/TAXAP/1160/2013 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 1160 of 2013
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COMMISSIONER OF INCOME TAX-II....Appellant(s)
Versus
KULGAM HOLDINGS PVT LTD....Opponent(s)
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Appearance:
MRS MAUNA M BHATT, ADVOCATE for the Appellant(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MS JUSTICE SONIA GOKANI
Date : 15/01/2014
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI) Tax Appeal is admitted for consideration of following substantial questions of law:-
"[A] Whether the Appellate Tribunal has substantially erred in holding that the income of Rs.72,92,630/- arising out of sale of 330 Deep Discount Bonds (DDBs) acquired before the date of Board's Circular No.2 of 2002 viz. 15.02.2002 was to be treated as Long Term Capital Gain and consequential deduction u/s.54EC of the Act would be allowed?
[B] Whether the Appellate Tribunal has substantially erred in holding that the assessee can, in appeal u/s.246, ask for withdrawal of an income of Rs.47,812/- on Optionally Fully Convertible Premium Notes (OFCPN) of Nirma Industries Ltd., which it itself had offered for taxation in the return of income?
[C] Whether the Appellate Tribunal has
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O/TAXAP/1160/2013 ORDER
substantially erred in deleting the
disallowances made under section 14A being salary paid to Company Secretary and Rs.1,22,314/- holding that they pertained to earning of taxable income?"
To be heard with Tax Appeal No.669 of 2010.
(AKIL KURESHI, J.) (MS SONIA GOKANI, J.) SUDHIR Page 2 of 2