Gujarat High Court
Commissioner vs India on 21 February, 2012
Author: Bhaskar Bhattacharya
Bench: Bhaskar Bhattacharya
Gujarat High Court Case Information System
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TAXAP/143/2011 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL No. 143 of 2011
=========================================================
COMMISSIONER
OF INCOME TAX-II - Appellant(s)
Versus
INDIA
GELATINE & CHEMICALS LTD - Opponent(s)
=========================================================
Appearance
:
MR
MR BHATT, SR. COUNSEL WITH MRS MAUNA M BHATT
for
Appellant(s) : 1,
None for Opponent(s) :
1,
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CORAM
:
HONOURABLE
THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA
and
HONOURABLE
MR.JUSTICE J.B.PARDIWALA
Date
: 21/02/2012
ORAL ORDER
(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This Appeal is admitted on the following substantial questions of law:
[A] Whether the Tribunal below committed substantial error of law in directing exclusion of sales-tax and excise duty for computation of deduction under Section 80HHC of the Income Tax Act, 1961 ["the Act"] despite insertion of Section 145A by relying upon the decision of the Supreme Court in the case of Commissioner of Income Tax v. Lakshmi Machine Works, reported in [2007] 290 ITR 667 [SC] by totally overlooking the fact that the same related to assessment prior to April 1, 1999, the date of coming into operation of Section 145A.
[B] Whether the Tribunal below committed substantial error of law in directing the Assessing Officer to treat the profit on sales of shares as "capital gain", both on long-term basis and short-term basis as claimed by the assessee and not as "business income", by not taking into consideration the well settled principles which are followed for deciding this type of a case.
[C] Whether the Tribunal below committed substantial error of law in deleting the proportionate disallowance of interest under Section 14A of the Income Tax Act by totally overlooking Rule 8D of the Income Tax Rules, which should be deemed to have come into effect from the very inception of Section 14A of the Act."
[BHASKAR BHATTACHARYA, ACTING CJ.] [J.B.PARDIWALA, J.] pirzada/-Top