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2014 (6) TMI 428 - AT - Income TaxClaim of repairs and maintenance – renovation or extension of or improvement to the building - revenue or capital in nature - Held that:- There is a confusion in the order of the CIT(A) - the AO has not examined item wise repairs claiming to finally hold that each of them are capital in nature - both the parties mentioned that the issue is required to be adjudicated by the AO once again after granting an opportunity of being heard to the assessee – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee. Calculation of LTCG – Sale of shares u/s 55(2)(ab) of the Act – Held that:- Following M/s. Parag Parikh Financial Advisory Services Ltd. Versus ITO -4(2) (1), Mumbai [2014 (2) TMI 686 - ITAT MUMBAI] - the shares are deemed to be acquired on the date of acquisition of ‘BSE Card’ and not from the date of their conversion - the cost of acquisition of ‘BSE card’ shall be the cost of acquisition of BSE shares and the shares are deemed to be acquired on the date of acquisition of ‘BSE card’ and not from the date of their conversion - the date of holding/acquisition of an asset being equity shares allotted pursuant to demutualization or corporatization of a recognized stock exchange will be the date of acquisition of original ‘BSE card’ – thus, the order of the CIT(A) is set aside – Decided in favour of Assessee.
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