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2015 (8) TMI 5 - AT - Income TaxSale of land - Revaluation Reserve - land and building was transferred to Malhotra Group for ₹ 5 crore, the book value of which was ₹ 1,12,98,740/- Held that:- The main dispute revolves around the land shown in the Revaluation Reserve Account in the balance sheet. The land and building was transferred to Malhotra Group for ₹ 5 crore, the book value of which was ₹ 1,12,98,740/- The Assessing Officer held the difference of ₹ 3,87,01,260/- is nothing but a capital gain. The assessee had shown this amount of ₹ 3,87,01,260/- as Capital Revaluation Reserve in the balance sheet. The learned CIT(A) has held that there is no revaluation of asset and it was mistake on the part of the auditor to classify it as Capital Revaluation Reserve and, therefore, there is no transfer or taxability of capital gain. Since there is no clarity of facts, therefore, in the interest of justice, we are of the opinion that this matter should be restored back to the file of the Assessing Officer to correctly appreciate the facts after taking into consideration the contentions of the assessee and the observations made by the CIT(A) in the light of the material on record. - Decided in favour of revenue for statistical purpose.
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