Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 732 - ITAT MUMBAIReopening of assessment - Unaccounted sale of property - CIT(A) deleted the addition - Held that:- CIT(A) has analyzed the facts concerning to the issue in a proper perspective and taken conscious decision that the addition made by the AO of ₹ 80 lakhs is not sustainable in law. Even though the assessee has submitted that the above said amount of ₹ 80.00 lakhs was not accounted for, yet we notice that what is really taxable under the Act is the capital gain arising on sale of shares only, since the transfer of land was automatic on the transfer of shares of M/s Mourya Realty Pvt Ltd. We further notice that the Ld CIT(A) has given a categorical finding that the impugned amount of ₹ 80.00 lakhs was included in the sale consideration and hence no separate addition is called for. Hence, we do not find any infirmity in his order on this issue. - Decided against revenue.
|