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2014 (8) TMI 719 - AT - Income TaxComputation of LTCG on sale of two plots of land – Valuation of stamp duty – Held that:- Following the decision in Asst. Commissioner of IT. 12(1), Mumbai Versus M/s Manubhai A Sheth Larger HUF [2012 (9) TMI 682 - ITAT MUMBAI] - The property had already conveyed to the buyer prior to 2001-02 and it was only the final part payment which was made during the year along with the formal documentation - the property was agreed to be sold - The only skin of the nail, which the AO is using is the final payment and documentation and on that basis, the application of section 50 – AO is using is the final payment and documentation and on that basis, the application of Sec. 50C. It is clear from the fact that except for the last installment everything was completed prior to 2001-02 - thus, the order of the CIT(A) is upheld – Decided against Revenue. Treatment of interest income under income from other sources – Disallowance of business loss – Held that:- Assessee had rightly contended that the business loss in earlier years was allowed by the AO - the interest income was taxed as business income in earlier years, therefore, there is no reason in changing the head of income for the year - Following the decision in Asst. Commissioner of IT. 12(1), Mumbai Versus M/s Manubhai A Sheth Larger HUF [2012 (9) TMI 682 - ITAT MUMBAI] – the matter is remitted back to the AO for verification of the contentions of the assessee – Decided in favour of Assessee.
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