Commissioner of Income-tax, Delhi v. Jai Ram Singh Vashisht
[Citation -2015-LL-0112-45]
| Citation | 2015-LL-0112-45 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Delhi |
| Respondent Name | Jai Ram Singh Vashisht |
| Court | HIGH COURT OF DELHI AT NEW DELHI |
| Relevant Act | Income-tax |
| Date of Order | 12/01/2015 |
| Judgment | View Judgment |
| Keyword Tags | enhanced compensation • tax effect |
| Bot Summary: | CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE R.K.GAUBA ORDER 12.01.2015 The following question of law was framed by the Court in this case on 15.12.2003: - Whether on the facts and in the circumstances of the case the Tribunal was correct in holding that the amount of Rs.12,45,658/-, received by the assessee during the previous year towards enhanced compensation is not taxable under Section 45 of the Income Tax Act, 1961 delhihighcourt. Asppn4871yr2015 As is evident, the assessee had claimed that enhanced compensation received by him pursuant to the order of the reference court should not be brought to tax. The ITAT had relied upon Section 45 and the previous judgment of the Supreme Court i.e. CIT v. Hindustan Housing and Land Development Trust Ltd., 161 ITR 524. In the present appeal, the addition was of 4,15,219/- The tax effect is lower than 10,000,00/-. According to the instructions of the Board - Circular No.3/2011 dated 9.2.2011 - the appeals by the Revenue are maintainable only if the tax effect is more than 10,000,00/- or in cases where there is recurring tax effect. This circular was interpreted by the Court in CIT v. Sugauli Sugar Works Pvt. Ltd., 235 ITR 518 to apply to pending appeals also. |