2018 (3) TMI 589

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....he Respondent. P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 27th October, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 27th October, 2014 is in respect of Assessment Year 2006-07. 2 Revenue urges the only following reframed question of law, for our consideration: "Whether on the facts ....

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....ollowing the decision of this Court in General Insurance Corporation v/s. DCIT 342 ITR 27. In the above case, this Court held on an identical facts that General Insurance Corporation (supra) is entitled to the benefit of exemption under Section 10(38) of the Act. 5 The grievance of the Revenue before us is that: (a) the impugned order of the Tribunal has ignored the decision of its Coordinat....

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....e determining the income of the Assessee. It did not even remotely deal with the issue of exemption under Section 10(38) of the Act i.e. sale of investment as long term capital gain. Thus, it can have no application to the facts of the present case. Further, the decision of the Apex Court in GIC (supra), relied upon by the Revenue also does not deal with the claim for exemption under Section 10(38....

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....to the exemption claimed under Section 10(38) of the Act as in the present proceedings. The question on which the above appeal has been admitted, is whether profits on sale of investments are liable to be (included) taxed in the hands of the assessee i.e. profits on sale of investments being liable to be tax. It does not deal with the benefit of exemption under Section 10(38) of the Act. The quest....