2019 (8) TMI 849

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aswamy Senior Standing Counsel For the Respondent : No appearance COMMON JUDGMENT T.S.SIVAGNANAM, J. These appeals by the revenue filed under Section 260-A of the 'Income TaxAct, 1961' (hereinafter referred to as 'the Act') are directed against the order dated 19.05.2008 passed by the Income Tax Appellate Tribunal Madras 'C' Bench in ITA.Nos.1757/Mds/2007 & 1758....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....actual. The Assessing Officer vide an order dated 21.12.2006 by referring to Section 11(5) of the Act held that the assessee trust was required to dispose or convert the assets not conforming to the requirement of Section 11(5) of the Act into permissible investment within one year from the end of the financial year in which such bonus shares or other assets are received or 31.03.1992 whichever is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l. The learned Senior Standing Counsel for the appellant/revenue, on instructions, submitted that appeal was not preferred on account of low tax effect. It is not known as to how the appeal could not have been filed for two reasons namely the issue is a recurring issue, apart from that the Tribunal followed the decision in the case of CIT Vs. Nagi Reddy Charities reported in 241 ITR 431, which acc....