Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 266 - AT - Income TaxCorrect head of income - income from transfer of “AMABAI HEP Project” - 'income from business' or under the head 'short term capital gains” - according to the A.O there is transfer of property as per section 2(47) of the Act and the gains from the transaction are liable to be assessed u/s 45 - As the assessee has held the capital asset for less than 36 months immediately preceding the date of its transfer, the gain was brought to tax as short term capital gains. CIT(A) has held that the gains are taxable under the head 'income from business' and not under the head 'short term capital gains”. HELD THAT:- As per CIT-A the- profits and gains arising from such transfer of interest in the subject project is liable to be assessed under the head 'income from business' as the appellant is in the business of execution and development' of such projects and the interest in the project was transferred/assigned to RMMTL in the course of business of the appellant. Accordingly, the Assessing Officer is directed to assess the gains as income from business instead of short term capital gains The reasoning assigned by the ld. CIT (A) is cogent and we find no infirmity with the findings and the decisions rendered by the ld. CIT (A). Appeal of the assessee is dismissed.
|