TMI Blog2012 (2) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... llant. The sale consideration and the quantum thereof was never in question and need not be re-examined. Thus, the enhancement made by the A.O. was not justified and as per law – Decided in favor of assessee. - ITA No. 285/2011 - - - Dated:- 19-1-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Ms. Shashi Kapila and Mr. Parvesh Sharma, Advs. For Respondent: Mr. Kamal Sawhney, Adv. SANJIV KHANNA, J: (ORAL) 1. Gadodia Electronics Pvt. Ltd. has filed the present appeal under Section 260A of the Income Tax Act, 1961 (for short, the Act‟) against the impugned order dated 25th August, 2010 passed by the Income Tax Appellate Tribunal (for short, the Tribunal‟) in ITA No. 746/Del/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant to carry forward the business losses. 6. The appellant filed an appeal against the additions made including the direction of the Assessing Officer that the assessee was not entitled to carry forward business losses. The appellant questioned the computation made by the Assessing Officer under the head Long term capital gains‟ on the ground that in respect of the depreciable assets, Section 50 of the Act should have been applied. 7. The CIT (Appeals) vide order dated 1st May, 1998, set aside the entire assessment and remitted the matter to the Assessing Officer for a fresh decision. 8. By order dated 29th September, 2000, the Assessing Officer passed the assessment order. He computed long term capital gains at Rs. 14,02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside the issue and restore the matter to the file of the A.O. for passing a fresh order after getting valuation report from the valuer and after allowing opportunity of being heard to the assessee. As the issue is open before the A.O., he will also examine and tax the gain from the sale of building, which is a depreciable asset under the correct provisions of law. 11. The Assessing Officer thereafter passed an order dated 18th December, 2007 on the basis of the report submitted by the Departmental Valuation Officer. In his report, the Officer valued the land at Rs. 6,20,451/- and valued the building at Rs. 15,22,051/- . He, accordingly, computed the value of the land and building at Rs. 21,42,502/-. The Assessing Officer accepted the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
