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2014 (5) TMI 144 - BOMBAY HIGH COURTJurisdiction to invoke section 263 of the Act - Nature of gain – LTCG OR STCG - Validity of LTCG declared on sale of land – Land sold as part of the block – Held that:- The power u/s 263 should not have been invoked - The requisite satisfaction has not been reached - the Assessee while purchasing the assets executed a single document - It was a single composite transaction of purchase and undertaken in the year 1981 - The Assessee consistently claimed the depreciation on the entire asset including the value of land up to the Assessment Year 2000-2001, but in the Assessment Year 2001-2002 the Assessee made the valuation of land and building independently as on 01.04.1981 - The Tribunal rightly answered in favour of the Assessee because it referred to the undisputed facts that the AO right up to the AY 2000-2001 allowed the depreciation - the ITAT arrived at a conclusion that the view taken was possible and probable - in the facts and circumstances peculiar to the Assessee's case and when the land has been transferred by offering the amount of depreciation claimed earlier as income and which has been also assessed – no substantial question of law arises for consideration – Decided against Revenue.
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