Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 101 - HC - Income TaxApplicability of section 50 on sale proceeds on sale of assets - bottles, crates and cylinders whose individual cost did not exceed ₹ 5,000 - Whether the Tribunal was right in holding that the sale proceeds received on sale of assets, whose actual cost was allowed as a deduction under the first proviso to Section 32(1) of the Act, are taxable u/s 50 – Held that:- Following the decision in Nectar Beverages Pvt. Ltd. Versus Deputy Commissioner of Income Tax [2009 (7) TMI 5 - SUPREME COURT] wherein it has been held that by the Finance Act, the first proviso to section 32(1)(ii) stood deleted, with effect from April 1, 1996 - the purchases were made prior to the year 1995, thus, the assessee is entitled to deduction as claimed for – Decided in favour of assessee.
|