2010 (10) TMI 1039

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....Revenue. Mr. H.N. Mehtani, Advocate for the respondent-assessee. AJAY KUMAR MITTAL, J. This order will dispose of Income-tax Appeal Nos. 955 and 956 of 2008 as the substantial questions of law raised therein are common. The facts have been taken from Income Tax Appeal No. 955 of 2008. This appeal under Section 260A of the Income-tax Act, 1961 (for short "the Act'") has been filed by th....

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....rospective effect for the A.Y. 2003-04 and are contrary to the ratio laid down by the Hon'ble Supreme Court in 224 ITR 677 in Allied Motors (P) Ltd.? In short, the facts necessary for adjudicating the appeal are that the assessee-respondent derives income from interest. She filed return declaring income of Rs. 3,46,480/- on 30.9.2003. The assessing officer, however, during the proceedings of as....

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.... :Rs. 89,57,600/-     The Commissioner of Income (in short the "CIT"), in exercise of revisional jurisdiction under Section 263 of the Act noticed that the enhanced amount of compensation of Rs. 1,41,49,163/- was received by the assessee in the financial year 2002-03 relevant to the assessment year 2003-04 besides Rs. 86,11,120/- as interest on the enhanced compensation. The CIT....

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....he present appeal has been filed by the Revenue raising the aforesaid substantial questions of law for determination by this Court: We have heard learned counsel for the parties and perused the record. The primary question that requires answer is, whether the enhanced compensation is exigible to capital gains tax in the year of receipt irrespective of pendency of litigation relating to award....