sake of convenience.
2. The assessee National Dairy Development Board (in short NDDB) filed its return of wealth for asst. yr. 1993-94 declaring wealth ... before the AO that considering the character and the function of the NDDB, the Parliament has exempted the income of NDDB from income-tax under
submitted that the assessee incurred expenses to carry
out the objects of NDDB Act, 1987. Grants were given out of own
funds ... company it has no share holders. National
Dairy Development Board (hereafter NDDB) has been constituted
with-the objective of supporting of the Diary Cooperatives across
reply the assessee stated that these balances were transferred by
NDDB as part of transfer agreement between the assessee and
NDDB. It was brought ... notice of the Assessing Officer that
the income of NDDB was not taxable under the income tax Act,
therefore, the question of allowing deduction
case of National Dairy Development Board (hereinafter referred to as NDDB) reported in 1992 (59) E.L.T. 65 in which 'Tetra pack Asceptic ... referred to a larger Bench since in the case of NDDB the Tribunal had not considered the effect of definition of Toil' given
vested in the National Dairy Development Board (hereinafter referred to as "NDDB"), a corporation constituted under the NDDB Act, 1987, which came into ... October, 1987. Section 44 of this Act provided that the NDDB would not be liable to pay income-tax or any other
therefore, prays for the following:
i. To compute the assets transferred to NDDB at Rs.4,50,30,533/- only.
ii. To compute the income ... account.
(2) Surplus on transfer of assets to NDDB. This would attract capital gain
liability.
(3) Book profit of Rs.26,19,75,975/- claimed
received capital grants from National Dairy Development Board, Anand (for short--'NDDB') amounted to Rs. 16,72,632 for procurement of agricultural equipments ... that the assessee received capital grant of Rs. 85,24,749 from NDDB. The assessee contended before the Assessing Officer that capital grants from NDDB
Revenue)
& 2810/Ahd/08, 4452/Ahd/07(Assessee)
ACIT vs. NDDB
AYs - 2004-05 & 2005-06
-2-
1. On the facts ... Section 32.
2.1. National Dairy Development Board (hereinafter referred to as
"NDDB") has several locations and its head office is at Anand (Gujarat
depreciation by the Assessing Officer.
(b) Surplus on transfer of assets to NDDB and remission of
liabilities requires to be taxed.
(c) Book profit ... case by holding that the surplus on
transfer of assets to NDDB and remission of liabilities is taxable in
spite of the fact that BIFR
Asstt.Commissioner of
Food Co. Ltd., Income-tax, Cir.1(1),
NDDB Campus, Baroda.
Anand-388 001.
PAN No.AABCD 3060 H
(Appellant) .. (Respondent)
Appellant ... received by the appellant company from NDDB constitutes
capital receipt. It be so held now.
2.1 The ld. CIT(A) has failed to appreciate that
