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Section 54EC of the Act having given the respondent a choice of investing either in the bonds of Rural Electrification Corporation Limited or the National Highway Authority, the revenue cannot insist that the respondent ought to have invested its capital gain on sale of property in the bonds of the National Highway Authority.. The statue itself provides that the assessee, who is subject to long terms capital gain tax, can avail of exemption under Section 54EC of the Act if he invests in bonds of either the National Highway Authority of India or the Rural Electrification Corporation Limited.
In the context of section 47(i) and (iii), this gift referred to therein, is a gift by an individual or a Joint Hindu Family or a Human Agency. Section 47(iii) speaks of ‘any transfer of a capital asset under a gift, or will or an irrecoverable trust’. Execution of a will involves a human agency. Cannot the expression gift take its colour from a will with which it is juxtaposed, especially in the background of clause (i) of section 47 and clause (ii) which earlier existed.
Whether the applicant is required to file its return of income under section 139 of the Act, in case, its capital gains is not chargeable to tax in India is question no.6 posed. It has been found that though the applicant would be chargeable to capital gains tax on the proposed sale of shares under the Act, it has been ruled that in view of the benefit available to the applicant by the invocation of section 90(2) of the Act and the DTAC between the two countries, the authorities under the Act cannot tax the income in view of paragraph 4 of Article 13 of the DTAC.
If the assessee treats expenditure on acquisition of assets as application of income for charitable purposes under section 11(1)(a) and if the assessee claims depreciation on the value of such assets, then in order to reflect the true income to be available for application for charitable purposes, the assessee should write back in the accounts the depreciation amount to form part of the income to be accounted for application for charitable purposes.
The issue of certificate under Sub-section (1) of Section 197 of the Act is mandatory on fulfilment of conditions enumerated under the rules. For determining the existing and estimated liability of the assessee where tax deduction is from income other than dividends, the Assessing Officer is to be guided by Sub-rule (2) of Rule 28AA of the Rules.
Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the computation of capital gains and not to the exemption provisions.
CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of registration becomes functus officio.
From a reading of the provisions of section 50C(2), it is clearly mandated that if an assessee challenges or objects to the Assessing Officer adopting the guideli ne value of the property for stamp duty purposes in place of the stated consideration in the sale deed for the purposes of computing LTCG, then the Assessing Officer ought to refer the property for valuation to the Valuation Officer of the Income-tax department.
Plain reading of provisions of section 11(2)(b) lays down that 85 per cent of the income is to be applied to charitable purposes or set apart and the moneys accumulated or set apart can be invested or deposited in the forms or modes specified in sub-section (5). Clause (x) of sub-section (5) to section 11 prescribes one of the modes of investment as ‘investment in immovable property’.
It thus remains an undisputed fact that no addition has been made on the reasons recorded for reopening the completed assessment. Now, what is to be seen is as to whether, as contended by the assessee, since no addition has been made on the reasons recorded, no reasons for reopening the completed assessment survive and, consequently, the completed assessment could not have been reopened, or whether in spite of no addition having been made qua the reasons recorded, those reasons still survive and the reopening on the basis of those reasons is in order, as maintained by the department.
