Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 776 - ITAT COCHINAssessment of STCG – assessment in the hands of individual member or AOP (assessee) - income escaping assessment - Revision of return u/s 139(5) - return of loss - Held that:- the assessee has brought in the value of the first, second and third floors in the books of account of assessee AOP and has claimed depreciation - there should not be any dispute that the “AOP” is not a legal person in the eyes of law and only for the purpose of income tax purposes, it is treated as a separate “person” - the immovable properties have to be necessarily to be held by the members of AOP on behalf of the AOP - once the value of immovable property is brought into the books of the Association of Persons shall be treated as the property of the AOP for the purposes of income tax - Decided in favor of revenue. With regard to ground floor and land - the value of ground floor were not shown in the books of AOP - Held that:- the issue relating to the Ground floor and the land requires fresh examination – thus, the matter is to be remitted back to the AO for re-computation of the amount of Short term Capital gain – Decided in favour of Assessee.
|