2023 (1) TMI 728 - HC - Income Tax
Taxable capital gain on sale of detachable warrants - Whether detachable warrants attached with Part 'C' of debentures of Deepak Fertilizers and Petrochemicals Ltd. had no conceivable cost of acquisition? - HELD THAT:- In the case on hand, it was observed clearly by C.I.T. (Appeals) and the view of it was affirmed by learned Tribunal is on the basis that the appellant itself has clearly stated that it was agreeable to accept the valuation of Assessing Officer at Rs.2.175/- only and it is under such circumstances the Assessing Officer was directed to accept the said valuation and calculate the capital gain accordingly.
As such, when the assessee itself has accepted the cost as indicated above, we are of the view that both the authorities have rightly come to the conclusion since the same is based upon the appellant’s representation itself.
Under the circumstances whether matter was required to be remanded back or not was an issue and not required to be gone into since there appears to be a clear stand of the appellant itself, which has led the authority below to proceed and pass an order now under challenge.
Present appellant has tried to rely upon the decision delivered by the Hon’ble Apex Court in B.C.Srinivasa case 1981 (2) TMI 1 - SUPREME COURT there was a reference with regard to a goodwill, which was a selfgenerating asset as distinct from the detachable warrant. Hence, the said issue also having been examined by the learned Tribunal before passing the order. We see no error committed by the Tribunal.
Conclusions arrived at by the Tribunal as also by the C.I.T. (Appeals) do not require any interference. Undisputedly, according to the appellant itself some value has to be ascribed to the detachable warrants and when such cost was accepted rather agreed to an extent of Rs. 2.175/- which led the C.I.T. (Appeals) to pass the order has been rightly affirmed by the Tribunal - substantial question of law in favour of revenue & against assessee.