Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 603 - AT - Income TaxDisallowance u/s.14A - Held that:- In view of the decision of Hon’ble Delhi High Court in the case of Joint Investments (P.) Ltd. vs. CIT (2015 (3) TMI 155 - DELHI HIGH COURT ), we direct that the disallowance u/s.14A in the present case be restricted to ₹ 55,604/-, being the exempt income earned by the assessee. Revision u/s 263 - taxability of the amount received by the assessee as partner of the firm, its share on the revaluation of the assets of the firm in which it was a partner - CIT(A) held that no part of amount received by the assessee on its retirement from the firms is taxable in its hands as short term capital gain - Held that:- We find that Ld CIT(A) by a well reasoned and speaking order and after referring to various decisions of Supreme Court and High Courts has decided the issue in favour of the assessee. We also find that in case of the other partners, wherein against the order passed by CIT u/s 263 wherein he had held that act of the AO of those respective assessees of considering the amounts received by them on revaluation of assets of the firm to be capital receipt, to be as erroneous and prejudicial to the interest of the Revenue. The Coordinate Bench of Tribunal had held that order of AO to be a proper and logical in view of various decisions of Apex Court and High Courts. Before us, Revenue has not placed any material on record to controvert the findings of ld.CIT(A). In view of the aforesaid facts and in the absence of any contrary binding decision placed by Revenue, we are of the view that no interference to the order of CIT(A) is called for - Decided against revenue
|