Commissioner of Income Tax,Cochin v. M/S.Ram Bahadur Thakur Ltd.
Case brief
What is this about?
Income Tax Appeal heard by the Kerala High Court involving the Commissioner of Income Tax against a Tribunal order. The court upheld a rectification order under Section 154 correcting the rate of tax on short-term capital gains from 50% to 60%.
What did the court decide?
Vacated the order of the Tribunal and restored the rectification order issued by the officer applying 60% tax rate on short-term capital gains.
What the court decided
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT :
THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR
WEDNESDAY, THE 30TH JANUARY 2008 / 10TH MAGHA 1929
ITA.No. 74 of 2001() -------------------ITA.603/COCH/1993 of I.T.A.TRIBUNAL,COCHIN BENCH
APPELLANT:
THE COMMISSIONER OF INCOME TAX, COCHIN
BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT
RESPONDENTS:
M/S. RAM BAHADUR THAKUR LTD., COCHIN
BY ADV. SRI.JOSEPH MARKOSE
Issues for consideration
2 issues framed by the court
Whether the apparent mistake of applying the wrong rate of tax on short-term capital gains can be corrected under Section 154 of the Income Tax Act.
Whether the High Court Tribunal was justified in quashing the rectification order issued by the assessing officer.
Parties & counsel
- appellant
THE COMMISSIONER OF INCOME TAX, COCHIN
- respondent
M/S. RAM BAHADUR THAKUR LTD., COCHIN
Coram
C.N.RAMACHANDRAN NAIR
Case details
As recorded by the court registry
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