Supreme Court of India
Commissioner of Income Tax, Udaipur v. M/s. Chetak Enterprises Pvt. Ltd.
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What the Court ordered
In view of the above, the appeal stands dismissed with no order as to costs.
Judgment, page 16
From the headnote
Income Tax Act, 1961 – 80-IA – Matter relates to Assessment Year 2002-2003 (Financial year being 2001-2002 i.e. 01.04.2001 to 31.3.2002) – An erstwhile partnership firm- M/s. Chetak Enterprises entered into agreement with Govt. of Rajasthan for construction of road and collection of road/toll tax– Firm converted into a private limited company (the respondent/assessee) under 1956 Act – Road was inaugurated and respondent started collecting toll tax – Claimed deduction u/s.80-IA – Declined by assessing officer – Reversed by Commissioner of Income-Tax (Appeals) – Confirmed by Income Tax…
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