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2008 (2) TMI 557 - HC - Income Tax“1. Whether Tribunal was justified in law in holding that the capital gains is part of the book profits under section 115J of the Income-tax Act, 1961? - 2. Whether there were materials for the Appellate Tribunal to hold that even though section 115J is a deeming provision the long-term capital gain which itself is deemed income and which is saved by the operation of section 54E is liable to be included in the book profit under section 115J of the Act?” - We, answer the questions raised against the assessee and uphold the order of the Tribunal. The appeal is accordingly dismissed.
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