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2009 (12) TMI 549 - HC - Income TaxCapital gains - on the distribution of assets on the dissolution of the firm - assessed under section 45(4) of the Act – Reference to valuation officer – Held that: - this is a clear case falling under section 45(4) attracting liability for capital gains. We, therefore, uphold the reference of the asset for valuation under section 55A as within the powers of the officer. Consequently, we allow the appeals by reversing the orders of the Tribunal and restore the order of the Commissioner issued under section 263 of the Income-tax Act - remand the matter to the Tribunal -on the valuation issue.
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