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2016 (6) TMI 854 - HC - Income TaxReopening of assessment - capital gain v/s business income - Held that:- Assessing Officer was acutely conscious of the nature of transactions, the assessee's contention that the income was in the nature of capital gain and not business income. It was in this context that the assessee had claimed such expenditure for earning such income. Assessing Officer disallowed such expenditure while not disturbing the source of income disclosed by the assessee. In fact, the Assessing Officer proceeded on the basis that the income was in the nature of capital gains and this is precisely why the Assessing Officer disallowed the expenditure. Any reassessment of the said issue, would permit the Assessing Officer a second innings which is not envisaged under the power of reassessment.- Decided in favour of assessee
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