2017 (10) TMI 1349 - HC - Income Tax

Re-computation of the capital gains under Section 153A - Held that - ITAT following the decision of this Court in Commissioner of Income Tax vs. Kabul Chawla 2015 (9) TMI 80 - DELHI HIGH COURT set aside the assessment. This Court is of the opinion that no question of law substantial or otherwise arises for consideration because the ITAT has merely followed the ratio in Kabul Chawla (supra).

Summary

The High Court dismissed the appeal by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) regarding re-computation of capital gains under Section 153A of the Income Tax Act. The ITAT decision followed the precedent set in Commissioner of Income Tax vs. Kabul Chawla. No substantial question of law arose for consideration.