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2016 (8) TMI 105 - HC - Income TaxRevision u/s 263 - whether AO failed to make detailed inquiry with respect to issue of capital gain - Held that:- From the record we can see that the Assessing Officer had examined entire transaction including from the point of view of the confirming party receiving considerable portion of the sale proceeds. This is not a case where the Assessing Officer failed to enquire into the transaction at all. Further, the Revenue has not brought anything on record to suggest how the sale proceeds of ₹ 3.69 crores in the hands of Genus Commu Trade Pvt Ltd. was treated. Surely on the receipt of sale proceeds of ₹ 3.69 against the price of ₹ 1.60 crores paid by the Genus Commu Trade Pvt Ltd. on 23.11.2004, the said company also would be answerable to and subjected to capital gain. Without any murmur about how the Revenue treated such proceeds in the hands of the Genus Commu Trade Pvt Ltd., it would not be proper to question the very transaction and seek to tax the difference in the hands of the assessee.
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