2015 (8) TMI 179

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....ome Tax Appellate Tribunal, Chennai Bench 'D' dated 19.01.2007 passed in ITA No. 1738 (Mad.) 2003, this Tax Case (Appeal) is filed by the assessee. 2. On 23.04.2007, while admitting the tax case appeal, this Court framed the following question of law for consideration : "Whether on the facts and in the circumstances of the case, the Income tax Appellate Tribunal was right in holding that....

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....me by way of capital gains under Sec. 45 of the Income-tax Act. Int he circumstances, while computing the book profits under the Companies Act, the assessee has to include capital gains for computing the book profits under Sec. 115J. Even under Clause 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956, profits or losses in respect of transactions or transactions of an exceptional or n....

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....ued the investments. On the other hand, it has transferred Unquoted Equity Shares. Therefore, the ratio of this decision relied on by the Assessee is against the Assessee. Accordingly, we reverse his order on this issue and restore that of the Assessing Officer." 4. The assessee has distinguished the decision of Kumudam Printer's case which finds place in paragraph 4 of the order of the Tribu....

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....ng book profits and thereby allowed the Revenue's appeal. When the assessee had raised a specific ground on the validity of reopening of the assessment on the ground of limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals) and succeeded therein, the Tribunal should have considered the issue on limitation and jurisdiction under Sect....