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2011 (3) TMI 1013 - HC - Income TaxNotice u/s 148 - Whether indexation is allowable or not is a question to be decided on merits - The question as to whether the capital gains are liable to be assessed as long term capital gain or short term capital gain is a question to be determined on merits - The assessee cannot be said to have suppressed material facts - Development rights were available on the property in question even before the Board of Directors of the company decided to transfer the development rights - The date on which the resolution was passed for transfer of development rights has no relevance in computing the capital gains - Hence, the impugned notice for reopening the assessment and reassessment order dated 20/12/2010 are quashed and set aside.
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