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2002 (7) TMI 37 - HC - Income TaxCapital Gains - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that there was no actual transfer, there being no document in support of the alleged transfer of immovable property to Hindustan Safety Glass Works Ltd., Jaipur, as a going concern? - Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that there was no justification for charging capital gains as well as profit under section 41(2) of the Income-tax Act, 1961?" - we answer question No. 1 in the negative, i.e., in favour of the Revenue and against the assessee. However, the Tribunal shall consider the issue whether the agreement to sale constitutes a transfer, in the light of the guidelines laid down by their Lordships in the case of CIT v. Podar Cement Pvt. Ltd.. Question No. 2 is consequential to question No. 1, therefore, we leave it to the Tribunal to decide the issue in question No. 2 also, after taking into account the decision of their Lordships in the case of CIT v. Podar Cement Pvt. Ltd.
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