Gujarat High Court
Commissioner vs Smt on 13 June, 2011
Author: Akil Kureshi
Bench: Akil Kureshi
Gujarat High Court Case Information System
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O/TAXAP/2267/2010
ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL No 2267 of 2010
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COMMISSIONER
OF INCOME TAX-V....Appellant(s)
Versus
SMT.
SHANTABEN K. PATEL....Opponent(s)
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Appearance:
MR
MR BHATT,SR. ADV. with MRS. MAUNA BHATT for the appellant
None
for the Respondent
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CORAM:
HONOURABLE
MR.JUSTICE AKIL KURESHI
and
HONOURABLE
MS JUSTICE SONIA GOKANI
Date
: 13/06/2011
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 is right in law and on facts in restoring the issue of method of accounting to the file of Assessing Officer with the directions to re-adjudicate the claim, relying on its own decisions in the group cases of the assessee wherein the Tribunal had held that the assessee's system of accounting is 'Cash' as against the view of the Assessing Officer as 'Mercantile'?
[B] Whether the Appellate Tribunal is right in law and on facts in holding that Capital Gain of Rs.6,05,13,579/- arising on re-purchase of Deep Discount Bonds (DDBs) of Nirma Ltd.'A' Series as Long Term Capital Gain as against Short Term Capital Gain as held by the Assessing Officer?
[C] Whether the Appellate Tribunal is right in law and on facts in holding that the assessee is eligible for deduction u/s.54EC of the Act on the Capital Gain arising on re-purchase of Deep Discount Bonds( DDBs) of Nirma Ltd?
[D] Whether the Appellate Tribunal is right in law and on facts in restoring the issue of interest accrued of Rs.8,53,378/- on investment in Optionally Fully Convertible Premium Notes of Nirma Industries Ltd. to the file of Assessing Officer with the directions to re-adjudicate the claim, relying on its own decisions in the group cases of the assessee wherein it was held that the Circular 2 of 2002 dated 15.02.2002 cannot be applied in respect of those assessees who are following the Cash System of accounting and also in respect of Securities issued prior to 15.02.2002?"
To be heard with Tax Appeal No. 1066 of 2008.
(AKIL KURESHI, J.) (MS.
SONIA GOKANI, J.) sudhir Page 2 of 2 Top