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2018 (9) TMI 2071 - AT - Income TaxAddition towards capital gains u/s 45(3) - profit accrued to assessee company on transfer/contribution of capital by way of contribution in the form of its share of ‘land asset’ to the ‘partnership firm’ - HELD THAT:- We find that this issue is squarely covered in favour of the assessee by the co-ordinate bench decision of this tribunal in the case of another partner of the assessee i/e M/s Blue Heaven Griha Nirman Pvt Ltd [2018 (8) TMI 2075 - ITAT KOLKATA] holding that the assessee did not make any short term capital gains taxable under section 45(3) of the Act or otherwise and that on revaluation of its fixed assets by the firm (of its land and building) there was no income that accrued or arose in the hands of the partners and the addition on account of alleged revaluation profit is not sustainable and was rightly deleted by the CIT(A). - Decided in favour of assessee.
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