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TMI Blog2018 (5) TMI 1730X X X X Extracts X X X X X X X X Extracts X X X X ..... phrase accretion by way of bonus shares. Since dividend income is exempt, no income remains taxable at Maximum Marginal rate - Decision of tribunal [2014 (11) TMI 444 - ITAT JAIPUR] confirmed - Decided in favor of assessee. - D.B. Income Tax Appeal Nos. 60, 130, 140 of 2015 And 16, 19 & 275 of 2016 - - - Dated:- 12-9-2017 - MR. K. S. JHAVERI AND VIJAY KUMAR VYAS, JJ. For The Appellant : Sameer Jain For The Respondent : Gunjan Pathak ORDER 1. Since these appeals arise out of the same order, they are being decided by this common order. 2. By way of these appeals, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal of the assessee. 3. This court whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order, notwithstanding that the said order has already been challenged before this Hon'ble Court and the appeal is pending adjudication as on date? 4. Whether on the facts and in the circumstances of the case the Hon'ble ITAT was correct in holding that the denial of exemption u/s 13(1)(d)(iii) is to be restricted to only the income earned from shares to be taxed at marginal rate u/s 164(2), and not the entire income of respondent assessee merely by following its own order for another Assessment Year notwithstanding that the issue has not attend finality and the same is pending adjudication before this Hon'ble Court? 6. This court while admitting the Income Tax Appeal No.19/2016 on 18.10.2016, framed the following sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in the circumstances of the case and in law, the ld. ITAT was correct in holding that the issue of applicability of Section 13(1)(d)(iii) was settled in favour of respondent- assessee vide its own order, notwithstanding that the said order has already been challenged before this Hon'ble Court and the appeal is pending adjudication as on date? 3. Whether on the facts and in the circumstances of the case the Hon'ble ITAT was correct in holding that the denial of exemption u/s 13(1)(d)(iii) is to be restricted to only the income earned from shares to be taxed at marginal rate u/s 164(2), and not the entire income of respondent assessee merely by following its own order for another Assessment Year notwithstanding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stablished that the Trust had invested money out of its own funds. iv. The assessee has further claimed that had the Trust not opted to subscribe for rights issue it would have resulted in a big loss to the Trust. The Trustees are in a fiduciary position and had to act for the benefit of the Trust. v. The AO observed that the assessee was trying to compare a case of a company with that of the Trust. The functions of a Trust are altogether different from the functions of a company. The Trust gets tax benefit under the Act only if it satisfies certain conditions laid down in Section 11,12 13 and it is not meant for profit motive. On the contrary, in the case of a company profit is the most powerful driving force in its functions. v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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