Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 328 - ITAT DELHIProfit and sale of allotment right - income from other sources or capital gain - elibibility of claim made before AO - Held that:- The claim made before the Assessing Officer during the course of assessment proceedings is well within the law and held by the hon'ble jurisdictional High Court in the case of CIT v. Sam Global Securities Ltd. [2013 (9) TMI 876 - DELHI HIGH COURT]. As more than 90 per cent. of the payments made for the said property will tantamount to a right which is transferable arid will be termed as a capital asset. The total payment having been made for ₹ 89,50,000 whereas on transfer the assessee received ₹ 1,19,32,000 fetching about ₹ 30 lakhs profit which has been offered under the head "Capital gains". See CIT v. Tata Services Ltd. reported in [1979 (1) TMI 26 - BOMBAY High Court]. The findings of the learned Commissioner of Income-tax (Appeals) cannot be approved and therefore ground of the assessee are allowed.
|