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2017 (7) TMI 262 - AT - Income TaxAddition under the head capital gains on sale of land - nature of land sold - CIT-A delted the addition - invoking provision of 50C - transfer u/s 2(47) - Held that:- In the instant case, what was transferred by the assessee, even the shares in M/s.General Wood Industries (P) Ltd., and not the land and building or both. The assets transferred being the shares, which was never part of assessment of Stamp Duty Authority of the State Government. In such circumstances that cannot be no question of invoking the provisions of the section 50C of the Act as there is no direct transfer as enumerated in Sec.50C of the Act r.w.s 2(47) of the Act. Being so, Ld.CIT(A) had taken a correct view placing reliance case of Bhoruka Engineering Inds. Ltd. vs. DOT (2013 (7) TMI 543 - KARNATAKA HIGH COURT). Accordingly, we are inclined to uphold the order of Ld.CIT(A). Hence, the ground raised by the Revenue stands dismissed.
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