Case Law Details
Case Name : Commissioner of Income-tax, Central - III Vs Cello Plast (Bombay High Court)
Appeal Number : IT Appeal No. 3731 OF 2010
Date of Judgement/Order : 27/07/2012
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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HIGH COURT OF BOMBAY
Commissioner of Income-tax, Central – III
V/s.
Cello Plast
IT APPEAL NO. 3731 OF 2010
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It is already 8 months since I got my capital gains. Now I am thinking of buying REC bonds. Can I pay tax for 2 months and avail the 54EC tax benefit after that?
There is no gainsaying that the opinion handed down by the HC on the point of issue raised u/s 54 EC deserves to be applauded as very well reasoned and grounded on sound logic.
If critically looked at and analysed in detail, to one’s mind, there appears to be no reason as why the same logic should not be extended to like problems faced by taxpayers in satisying the requiurement of time limit laid down by law. At least in those cases in which a strict compliance with such requirement is beyond the control of taxpayer. For instance, as is the common experience, it is invariably the vendor of property, particularly of flats or apartments, who is solely responsible for any delay in taxpayer fulfilling the requirement of purchase of a new asset within the timelimit e.g. for tax exemption u/s 54.
With a view to putting an end to the prevailijg agony met out to taxpayers and the resultant ongoing prolonged ltigation, it is for the Executive, so also the government / legislature to come out with suitable remdial steps and measures, on a war footing,
Very Good Judgement & Section was liberelly interpretated. Thanks judiciary._Keshab Chaudhury, 2A, Chowringee Square, Tower House, Kolkata-700069