The Commissioner of Income Tax-III vs. M/s. Spectra Shares AND Scrips Ltd.,

IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH, HYDERABAD

THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE Ms. JUSTICE G. ROHINI

I.T.T.A. No. 574 of 2012

DATE: 17.07.2013

Between:

The Commissioner of Income Tax-III Hyderabad. … Appellant

And

M/s. Spectra Shares & Scrips Limited, Hyderabad. … Respondent

This court made the following:

THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE Ms. JUSTICE G. ROHINI

I.T.T.A. No. 574 of 2012

JUDGMENT: (Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta)

We have heard Sri B. Narasimha Sarma, learned counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal. The learned Tribunal on fact found that there is nothing available on record to suggest that the assessee had negotiated the price for plant, machinery etc., individually. Merely because the purchaser assessed the valuation for the purpose of fixing the purchase price, the assessee cannot be denied the benefit of the provisions of the Income Tax Act. The learned Tribunal has followed the judgment of the Supreme Court in the case of CIT vs. Electric Control Gear Manufacturing Company[1] and ultimately found that the said judgment is squarely applicable to the present case. Therefore, we do not find any reason to interfere with the same, as no point of law involved in this matter. The appeal is accordingly dismissed.

______________________ K.J. SENGUPTA, CJ

_______________

G. ROHINI, J

Date: 17.07.2013 ES [1] 227 ITR 278