Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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The CESTAT, by majority, dismissed the Revenue's appeal for want of maintainability under the CBIC litigation policy, finding the tax effect below the monetary threshold for adjudication before the Tribunal. The Judicial Member's view-upholding dismissal on the policy ground-prevailed over the Technical Member's call for a reference to a Larger Bench in light of a contrary Benches' decision. The Tribunal held that consistent decisions of the Supreme Court, High Courts and several Benches on the same issue obviate a Larger Bench reference. The matter is to be placed before the Regular Division Bench for recording the majority view and the appeal is dismissed.
The CESTAT, by majority, dismissed the Revenue's appeal for want of maintainability under the CBIC litigation policy, finding the tax effect below the monetary threshold for adjudication before the Tribunal. The Judicial Member's view-upholding dismissal on the policy ground-prevailed over the Technical Member's call for a reference to a Larger Bench in light of a contrary Benches' decision. The Tribunal held that consistent decisions of the Supreme Court, High Courts and several Benches on the same issue obviate a Larger Bench reference. The matter is to be placed before the Regular Division Bench for recording the majority view and the appeal is dismissed.
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