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2016 (5) TMI 1230 - AT - Income TaxIntimation u/s.143(1) being time barred - Held that:- The copy of order dated 16.02.2012 is on the file which speaks about the finalization of the assessment. There is no iota evidence on the file to which it can be assumed that the assessee received the intimation after the expiry of one year in view of the proviso u/s.143(1) of the Act. Therefore, in the said circumstances the contention raised by the assessee which is not supported by any documents on record, is not liable to be tenable in accordance with law. Hence these grounds are decided in favour of the revenue and against the assessee. Computation of income under section 115JB - non acceptance of loss to the tune of ₹ 1,49,819/- declared by the appellant and in connection with the acceptance to the tune of ₹ 20,57,890/- as capital gain which is infact the capital receipt - Held that:- The receipt which is not in nature of income is not required to be taxed u/s.115JA of the Act and income which is also exempted u/s. 50 of the Act would also remain exempted as per provision of subsection 4 of section 115 JA of the Act. The capital gain arising to an assessee u/s.50 of the Act on a depreciable asset is liable to be excluded from calculation on deemed profit u/s. 115JA of the Act. In view of the said circumstances it is apparent that the capital receipt to the tune of ₹ 20,57,890/- is not liable to be included while determining the profit and loss account and accordingly the income of the assessee is liable to be assessed in accordance with law. Since there is no other ground challenging the figure of amount in the said assessment therefore, we are of the view that the learned CIT(A) has wrongly upheld the finding of the Assessing Officer on this ground, hence the finding of the learned CIT(A) on the point is hereby ordered to be set aside. Concluding this facts that the capital gain exempted under the provision of the law is not liable to be added to the income of the assessee. Accordingly this issue is decided in favour of the Assessee
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