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2012 (7) TMI 594 - HC - Income TaxLevy of capital gains tax - in the year in which the dissolution of the firm takes place or year in which consequent to such dissolution the distribution of assets takes place as per Section 45[4] - Tribunal concluded that the assets held by the assessee was treated as its stock in trade and therefore could not be brought to tax under the head capital gains - Held that:- Tribunal has basically proceeded on the premises that the seized material per se did not indicate any undisclosed income of the assessee i.e. the firm because the information which is sought to be used was not directly one relating to the assessee, but an indirect one, such as in the account books of some other person the name the firm figures in some capacity. The tribunal also did not agree with the finding that the firm had continued on and after 1-4-1987, based on the statement of Sri Ramachandra Raje was not a correct approach. Where a plausible view can be taken and more so in a matter where a finding is based on a reading of the contents of a couple of documents and its inference, which becomes a finding and if more plausible views or inferences can be drawn, such matters are not matters which are required to be examined as a pure question of law within the scope of Section 260A - it is not possible to make any conclusions unless there is a positive finding that the firm did exist after 25.03.1987 or after 01.04.1987. This factual position is not definite or clear, deserving a conclusion in law. In such circumstance an inference on the legal position is not warranted - no scope for interference with the order of the tribunal under Section 260A of the Act is very less
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