Case Law Details
Case Name : Gujarat Power Corporation Ltd Vs Assistant Commissioner of Income Tax (Gujarat High Court at Ahmedabad)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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Assessee put forth his claim for exemption under section 10(23G) of the Act with respect to three different incomes, namely, (1) interest from SSNNL bonds, (2) interest from GIPCL bonds, and (3) capital gain from sale of shares by GPEC. Such claim was supported by the notes forming part of the return of income. It is not as if the Assessing Officer did not notice these claims. In fact, the Assessing Officer asked the assessee to justify all the claims. In paragraph 5 of his letter dated 31.1.2005, he called upon the assessee to justify the claim of exemption of
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The case has , one should say, very well and ably argued; hence the ruling of the court been well founded.
The one basic common sense question to intelligently ask in all such disputes is – whose duty it is, other than of AO, to make an ‘assessment’ in its profoundly intended sense (the only possible sense), even on the first occasion ; a proper one at that ? The obvious inescapable answer would conceivably have been no different from what the one given by the HC.
The buck does not stop there; for, another follow-on question that perforce arises is, – why then such disputes are continued , or allowed, to be taken beyond the tribunal stage ?
Only time , future, can answer ! Provided , of couse, the concerned peopole (including the revenue and professionals, alike) are interested in and sincerely look for righteous clues, and decide to adapt them; One such open avenue for free are the several published articles and lectures, of no less a personality / legal luminary than the legendary, N A pAlkhivala.