Income Tax Appellate
Tribunal was right in law in holding Section 50B was
not applicable to the facts of this case, even though ... treating this transactions as a slump sales as per provisions of
Section 50B of the Act.
9. The assessee submitted their reply stating that
referred to
Rule 9 (3) (b) , Section 17 and Section 18 (3) (supra) and thereafter
contended that the Section 18 (3) prescribes both confidence ... seven days thereafter."
Section 17- Election of Chairman.- (1) The Board of councillors, [in
its first meting under Section 50B], shall elect in accordance
values to individual assets or liabilities."
In understanding the sub-section one has to read the explanation which
says that an "undertaking ... incorporated into the statute with
effect from 1st April, 2000.
Section 50B also effective from 1st April, 2000 enacts that any profit or
gain from
being the amount towards compounding of the alleged offence under
Section 50B of the State amended provision under the Indian
Electricity Act . The petitioner further
long
term capital assets in view of Section 2(29A) read with
Section 2(42A) of the Income Tax Act, 1961 since not held ... ITAT
contrary to the express provisions contained in the proviso
to Section 50B(1) of the Income Tax Act, 1961 makes the
order legally untenable
sale deed, in the
absence of permission of Collector under Section 50B(2) of the
Hyderabad Tenancy Act of 1950, was invalid, illegal and void ... Court to decide the issue in
view of the provisions contained in Sections 98C, 99 and 98A of the
Hyderabad Tenancy Act of 1950. With
This appeal under Section 260A of the Income Tax Act, 1961 is
admitted on the following substantial question of law :
i. Whether the impugned order ... slump sale as
defined in Section 2(42C) of the Income Tax, 1961 read with
Section 50B of the said Act and all legal questions
falls in the category of
“goods transport agency” as defined under Section 65(50b)
14
C.A.@ SLP(C)No.25699
under Section 65(105)(zzp) as
per reverse charge mechanism.
(2) Whether the Transporters are Goods
Transportation Agency as defined under Section
65(50b
abovesaid Mobile number as Ex.PW17/D and Certificate U/s 65B of
the Indian Evidence ... case U/s 498A/304B IPC . He proved the copy of
DD no.20A Ex.PW8/A, DD no.50B
