Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be discontinued on 31-07-2025
If you encounter any issues or problems while using the new portal,
please
let us know via our feedback form
so we can address them promptly.
Home
2015 (9) TMI 557 - HC - Income TaxIncome on account of short term capital gains on sale of property - selection of assessment year for taxation - Tribunal accepting the additional evidences setting aside the entire issue of Short Term Capital Gain - Held that - Even where an assessee has offered tax in the subject assessment year it was open to the assessee before the Appellate Authority to raise additional grounds to the effect that same should not be included in the total income for the purposes of taxation. The entire issue is with regard to the year of taxability has been restored to the Assessing Officer for fresh consideration. Therefore the issue raised herein would also be a subject of consideration of the Assessing Officer while passing the order on remand. In fact the chargeability to tax as shortterm capital gain is not in dispute only the year of taxability is to be examined. The Assessee itself has offered the above amount to tax as short-term capital gain - No substantial questions of law. - Decided against revenue. Depreciation on leased assets - Tribunal restoring the issue - Held that - CIT(A) while following the order for the Assessment Year 1995-96 has not followed the same in its entirety. The CIT(A) after holding that the assessee is not entitled to its claim for depreciation as the lease transactions under reference were not genuine did not consider the alternative submission made with regard to Finance Transaction. Besides the order passed by the CIT(A) for the Assessment Year 1995-96 had not dealt with the genuineness of the lease transaction. Nevertheless for the subject Assessment Year he holds it is not genuine without giving any notice to the Respondent-Assessee. Therefore by the impugned order the Tribunal held that CIT(A) has decided on the issue of the lease transaction not being genuine without having given a hearing to the RespondentAssesee. The CIT(A) ought to have given Respondent-Assessee an opportunity to meet the same.It is in the above view that the impugned order of the Tribunal has restored the issue as raised in Question No.3 to the Assessing Officer for fresh consideration - No substantial questions of law. - Decided against revenue.
|