Gujarat High Court
Pr.Commissioner Of Income Tax-3 vs Shri Rakeshbhai K ... on 22 June, 2016
Author: Akil Kureshi
Bench: Akil Kureshi, A.J. Shastri
O/TAXAP/218/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 218 of 2016
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PR.COMMISSIONER OF INCOME TAX-3,AHMEDABAD....Appellant(s)
Versus
SHRI RAKESHBHAI K PATEL....Opponent(s)
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Appearance:
MR NITIN K MEHTA, ADVOCATE for the Appellant(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE A.J. SHASTRI
Date : 22/06/2016
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI) Tax appeal is admitted for consideration of following substantial questions of law :
"[A] Whether the Hon'ble ITAT has erred in law and on facts in directing the A0 to adopt the cash system of accounting instead of mercantile system even when in the block assessment year the system of accounting had been adopted as mercantile.
[B] Whether the Hon'ble ITAT has erred in law and on facts in dismissing the appeal of the revenue and thereby deleting the addition made on account of accrued interest of Rs 1,44,50,000/in respect of repurchasing of 850 DDBs {C] Whether the Hon'ble ITAT has erred in law and on facts Page 1 of 2 HC-NIC Page 1 of 2 Created On Fri Jun 24 02:16:31 IST 2016 O/TAXAP/218/2016 ORDER in dismissing the appeal of the revenue and thereby deleting the disallowance made on account of denial of claim u/s 54EC of the Act in respect of DDBs.
[D] Whether the Hon'ble ITAT has erred in law and on facts in treating the capital gain of Rs. 2,21,55,222/ derived from the sale of Deep Discount Bonds as Long Term Capital Gain instead of Short Term Capital Gain as held by the A0 and allowing deduction u/s 54EC of the Act.
[E] Whether the Hon'ble ITAT has erred in law and on facts in dismissing the appeal of the revenue and thereby deleting the addition made on account of accrued interest of Rs. 48,83,858/ on holding of DDBs of Nirma Ltd."
To be heard with Tax Appeal No.766/2013.
(AKIL KURESHI, J.) (A.J. SHASTRI, J.) raghu Page 2 of 2 HC-NIC Page 2 of 2 Created On Fri Jun 24 02:16:31 IST 2016