9911796707
TMI Blog1983 (6) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue under consideration. The assessment year involved is 1978-79. The assessee is the Haryana Harijan Kalyan Nigam Ltd., registered under the Companies Act, 1956. It came into existence as a consequence of the Haryana Government decision dated 5-8-1970. The total paid up capital comprised of Rs. 1,13,50,000 in equity shares numbering 11,350 of Rs. 1,000 each and the said shares were held as under : " Gr. No. Name of share holder No. of shares 1. Commissioner and Secretary to Government, Haryana Welfare of Scheduled Castes and Backward Classes Department, Chandigarh 11,349 2. Director, Welfare of Scheduled Castes and Backward Classes Department, Haryana, Chandigarh 1 -------------------- 11,350 " -------------------- T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loans were raised by the assessee from the Haryana Government and the assessee as such having been financed by the Government, exemption under section 10(26B) was rightly allowed. He read out the relevant section being inserted from 1-4-1972 and vehemently argued that on the basis of facts available on record, the assessee was entitled to exemption and the same was rightly granted by the Commissioner (Appeals). 5. After taking into consideration the rival submissions and looking to the facts on record, we are unable to interfere in the finding of the Commissioner (Appeals), section 10(26B), which was inserted by the Finance Act, 1980 with retrospective effect from 1-4-1972, which reads as under : "(26B) any income of a corporation esta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company amounting to Rs. 1,13,50,000. This fact also stands confirmed by the balance sheet and the annexures enclosed therewith. Annexure 'A' attached with the balance sheet confirms the fact that the entire capital belongs to the Haryana Government. Further perusal of Annexure 'C' which is in respect of unsecured loans amounting to Rs. 38,60,000 also shows that the entire loan was from the Haryana Government. Under the circumstances, the assessee is a company which was established as per decision of the Haryana Government and is fully financed by the Government, for the benefit of Scheduled Castes, as mentioned in notes prefixed to the interpretation of section 10(26B) on the statute. On the basis of these facts and for the reasons give ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
