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2010 (7) TMI 687 - HC - Income TaxInterest - Income from other sources or Capital gains - The amount received by way of interest was not on account of transfer of capital asset, but on account of a different transaction under which interest was received - The amount in question, in this writ petition received by the Official Liquidator as per the orders of the Company Court, though repeatedly referred to as interest, for the purpose of assessment of income-tax, it is part of sale consideration and therefore, the same cannot be treated as income from other sources as defined in section 56 of the IT Act - The said amount should be treated only as capital gain under section 45 of the IT Act for the purpose of assessment - Hence, the matter is remitted to the respondent for issuance of appropriate assessment order treating the amount in question as capital gain - No costs.
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