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2011 (4) TMI 146 - ITAT KOLKATABusiness income vs. Other sources - Exemption u/s 54EC - Addition - the sale proceeds on sale of trees, which were self grown on the land of assessee, is not capital asset - Ld. CIT(A) has rightly held that sale proceeds on sale of trees is to be assessed under the head "income from other sources" and Assessing Officer was not justified to hold that it is to be held under the head "business income" because assessee is not in the business of growing trees and selling them Regarding interest on advance - assessee filed copy of revised computation of income and stated that the same was also filed by assessee before the authorities below showing that assessee had received advances from Smt. Bharti Roy and Smt. Sutapa Sharma, daughter of Late S. Roy and assessee paid interest to them - the assessee appeal is allowed for statistical purposes Regarding exemption u/s 54EC - Assessing Officer stated that benefit of section 54EC of the Act is available only in respect of long term capital gain, benefit of section 54EC of the Act is not available with assessee in respect of capital gain on such asset i.e. plant and machinery, building & staff quarters and other plant and machinery - whether assessee is entitled for benefit of section 54EC of the Act or not after giving due opportunity of hearing to assessee and after considering such evidences as may be filed before him - Appeal is allowed for statistical purpose
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