capital gains exigible to tax. Section45(3) does not provide for any exemption but it is a charging section which lays down that gains arising ... capital gains. In other words, the omission to specifically provide for the exemption of such a transaction from the taxable capital gains is, at worse
declaring nil income claiming exemption under section 13A of the Income Tax Act, 1961. The assessing officer issued notice under sections ... satisfy the conditions in section 13A of the Act for grant of exemption. He then proceeded to estimate receipt expenditure and income. He observed that
shares of Tisco Ltd. be treated as long-term capital gains and exemption claimed under section 54E should be allowed. The assessee has also challenged ... under consideration should be treated as long-term capital gains and consequently exemption under section 54E should be allowed.
3. The learned Departmental Representative simply
proper scrutiny and after satisfaction that the appellants were entitled to exemption from payment of duty under Notfn.No. 117/88. They further submit that
only a preference and not a
monopoly or an exemption or reservation.
12. The provisions of Section 47 (1-H), tilting the balance in
favour ... case of
private stage carriage operators, the petitioners are aggrieved by the
exemption granted in Rule 212 of the KMV Rules, to the STU, from
case before the Bombay High Court, the assessed had claimed exemption from tax under section 15(1) of the Indian Income Tax Act, 1922, against
The Protection Of Plant Varieties And Farmers’ Rights Act, 2001
UNION OF INDIA
India
The
Shirish Finance & Investment (P.) Ltd. vs M. Sreenivasulu Reddy on 28 September, 2001
Equivalent
Section as claimed by the assessee. The assessee made a claim of exemption under Section 54D in respect ... industrial undertaking and consequently such undertaking is entitled to the exemption under Section 15C of the Act. The court observed thus (page 598) :
"Section
import. The impugned order of the Tribunal upholding the denial of exemption to the dealer in respect of these sales is, therefore, unsustainable
