{"id":6280,"date":"2014-07-31T15:07:00","date_gmt":"2014-07-31T15:07:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=6280"},"modified":"2015-10-14T17:19:09","modified_gmt":"2015-10-14T11:49:09","slug":"provision-exempting-tax-should-be-conferred-purposive-interpretation","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2014\/07\/31\/provision-exempting-tax-should-be-conferred-purposive-interpretation\/","title":{"rendered":"Provision exempting tax should be conferred purposive interpretation"},"content":{"rendered":"<p   ><b>Supreme Court: <\/b>In the instant case a dispute pertaining to assessment of Long Term Capital Gain under Section 54 of the Income Tax Act, 1961(IT Act) arose when the appellants were not accorded the benefit under the provision dealing with Long Term Capital Gain owing to the reason &nbsp;that the appellants had transferred the original asset i.e. the residential house on 24.09.2004 whereas the appellants had purchased another residential house on 30.04.2003 i.e. more than one year prior to the purchase of the new asset and therefore, the appellants were made liable to pay income tax on the capital gain. <o:p><\/o:p><\/p>\n<p   ><span>Ashok Mahajan, the counsel for the appellants contended that the authorities ought to have considered the date on which the agreement to sell had been effected by the appellants for transfer of the property in question as the date of transfer of the original asset, the counsel also contended that in Section 2(47) of IT Act \u201ctransfer\u201d has been given an inclusive definition. Anil Katiyar, the respondent counsel however refuted the contentions of the opposite party.<\/span><\/p>\n<p   ><o:p><\/o:p><\/p>\n<p   ><o:p>&nbsp;<\/o:p><span>Perusing the arguments from both the sides and looking at the definition of \u201ctransfer\u201d in Section 2(47) of IT Act, the Court observed that <\/span><span>the legislative intent has been that if a person, who gets some excess amount upon transfer of his old residential premises and thereafter purchases or constructs a new premises within the time stipulated under Section 54 of IT Act the taxpayer should not be burdened with tax on the Long Term Capital Gain and thereby exempted from paying income tax on the Long Term Capital Gain. Referring to its previous decision in <\/span><i>Oxford University Press <\/i><span>v. <\/span><i>Commissioner of Income<\/i><span> <\/span><i>Tax,<b> <\/b><\/i><span>(2001) 3 SCC 359, the Court observed that a purposive interpretation and harmonious construction of the provisions concerning tax exemption should be given which sub-serve the object and purpose and the legislative intent. Therefore according purposive interpretation to \u201ctransfer\u201d in Section 2(47) of the IT Act and on the basis of the facts, the appellants were granted exemption from tax on the Long Term Capital Gain.<\/span><i>Sanjeev Lal<\/i><span> v. <\/span><i>CIT, <\/i><i>Civil Appeal Nos.5899-5900 of 2014<\/i><span>, decided on 01.07.2014<\/span><span><\/span><\/p>\n<p   ><o:p><\/o:p><\/p>\n<p   ><o:p>&nbsp;To read the full judgment, refer to <a href=\"http:\/\/www.scconline.com\/LoginForNewsLink.aspx?q=Civil_Appeal_Nos._5899-5900_of_2014&amp;db=0 \">SCCOnLine<\/a><\/o:p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: In the instant case a dispute pertaining to assessment of Long Term Capital Gain under Section 54 of the Income <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9],"tags":[2649],"class_list":["post-6280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supremecourt","tag-exemption"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Provision exempting tax should be conferred purposive interpretation | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2014\/07\/31\/provision-exempting-tax-should-be-conferred-purposive-interpretation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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Bopanna, JJ., addressed whether the 2010 amendment of Payment of Gratuity Act 1972 is retrospective. In the instant matter, Jharkhand High Court\u2019s decision has been challenged whereby the claim of the appellants to declare the applicability of Payment of Gratuity\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":292483,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/18\/small-scale-industries-not-entitled-to-exemption-from-sales-tax-for-tea-blending-after-amendment-supreme-court-legal-news\/","url_meta":{"origin":6280,"position":1},"title":"Small-scale industries not exempted from sales tax for tea blending after amendment, holds SC; 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NHPC liable to pay tax on vehicles carrying employees and family gratis","author":"Editor","date":"September 9, 2023","format":false,"excerpt":"The Supreme Court affirmed the Himachal Pradesh High Court\u2019s orders, whereby the validity of the Himachal Pradesh Passengers and Goods Taxation Act, 1955 as amended by the Himachal Pradesh Passengers and Goods (Amendment and Validation) Act, 1997 were upheld.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"himachal pradesh passengers and goods taxation act 1955","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/himachal-pradesh-passengers-and-goods-taxation-act-1955.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/himachal-pradesh-passengers-and-goods-taxation-act-1955.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/himachal-pradesh-passengers-and-goods-taxation-act-1955.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/himachal-pradesh-passengers-and-goods-taxation-act-1955.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":298776,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/07\/purchasing-dealer-cannot-be-denied-input-tax-credit-for-the-default-of-selling-dealers-calcutta-hc\/","url_meta":{"origin":6280,"position":4},"title":"Tax Recovery| Purchasing dealer cannot be denied Input Tax Credit for selling dealer&#8217;s failure to deposit tax: Calcutta High Court","author":"Ritu","date":"August 7, 2023","format":false,"excerpt":"The Calcutta High Court held that respondent authorities should proceed against a defaulting selling dealer for tax recovery and not deny ITC to the purchasing dealer.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"calcutta high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281441,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/assessee-not-liable-to-pay-interest-tax-on-the-interest-component-imbedded-in-the-hire-purchase-installment-supreme-court-upholds-itat-order-legal-research-legal-news-updates\/","url_meta":{"origin":6280,"position":5},"title":"Assessee not liable to pay interest tax on the interest component imbedded in the hire-purchase instalment; Supreme Court upholds ITAT order","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"The Supreme Court observed that taxation depends upon the language of the charging section and what is brought to tax within the four corners of the charging section.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-47.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/6280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=6280"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/6280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/7321"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=6280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=6280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=6280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}