Case Law Details
Case Name : Commissioner of Income-tax, Central - III Vs Cello Plast (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
JULY 27, 2012
JUDGMENT
M.S. Sanklecha, J.
This appeal by the revenue under Section 260(A) of the Income Tax Act, 1961 (hereinafter referred to as the “said Act”) challenges the order dated 19/1/2010 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the “Tribunal”) in ITA No.2200 of 2009 relating to the assessment year 2006-07.
2. The appeal is admitted on the following substantial questions of law :-
(a) Whether on the...
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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