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2009 (11) TMI 415 - HC - Income TaxCapital Gains- The common question pertains to assessment of short-term capital gains in respect of sale of petrol bunk. Held that- (i) that the finding of the Tribunal was that pursuant to an agreement for sale, possession itself was given and the transferee was carrying on business in later year. Thus, the assessee not entitled to contend that section 2(47)(v) of the Act was not applicable. (ii) Tribunal found that no books of accounts or documents were produced in support of the business and income the assessee had. Thus the Tribunal rightly disbelieved the source claimed by the assessee.
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