The Commissioner of Income-tax, Patiala v. Sourthern Bottlers Pvt. Ltd
[Citation -2020-LL-0210-35]
Citation | 2020-LL-0210-35 |
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Appellant Name | The Commissioner of Income-tax, Patiala |
Respondent Name | Sourthern Bottlers Pvt. Ltd. |
Court | HIGH COURT OF PUNJAB & HARYANA |
Relevant Act | Income-tax |
Date of Order | 10/02/2020 |
Assessment Year | 1994-95 |
Judgment | View Judgment |
Keyword Tags | capital receipt • tax effect • tenancy right |
Bot Summary: | Mr. Alok Mittal, Advocate for the respondent. This appeal has been filed under Section 260A of the Income Tax Act-1961 against the order of the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh passed in ITA No. 528/Chandi/98 and 551/Chandi/98 on 19.4.2000 for the assessment year :1994-95 claiming following questions of law :- Whether on the facts and circumstances of the case, the ITAT was right in law in holding that the receipt of Rs. 3 crores for surrendering the tenancy rights is a capital receipt and hence it is not exigible to tax particularly when such receipt is casual in nature and is accordingly liable to tax in view of the provisions of Section 10(3) of the Income- tax Act, 1961 2. Counsel for the appellant states that he has not been able to ascertain about the tax effect. Learned counsel for the respondent states that tax effect is below that mentioned in the Circular No.3 of 2018 dated ANURADHA 11.07.2018 issued by the Central Board of Direct Taxes, further amended 2020.02.13 16:45 I attest to the accuracy and integrity of this document ITA No. 10-2001 2 vide Circular No.17 of 2019 dated 08.08.2019 read with Letter No.F.No. In the circumstances, the appeal stands dismissed with liberty to the appellant to revive the same if the tax effect is higher than the limit prescribed in the said circular. Since the main case has been decided, the pending application, if any, also stands disposed of. JUDGE JUDGE 10.2.2020 anuradha Whether speaking/reasoned - Yes/No Whether reportable - Yes/No ANURADHA 2020.02.13 16:45 I attest to the accuracy and integrity of this document. |