2017 (8) TMI 1666 - HC - Income Tax

Tax Appeal is admitted for consideration of the following substantial questions of law (1) Whether the Appellate Tribunal was right in treating business income of Rs.46,36,048/as Short Term Capital Gain and Rs.1,80,73,418/as Long Term Capital Gain? (2) Whether the Appellate Tribunal was right in deleting the addition of Rs.5,37,79,887/made u/s. 28(iv) of the Act? Revenue has suggested one more question which reads as under Whether the Appellate Tribunal was right in deleting the disallowance on account of bad debts written off amounting to Rs. 6,65,78,426/? From the record, however, it emerges that the assessee had actually written off the said amount of Rs.6.65 crores (rounded off). No question of law therefore, arises.

Summary

The Gujarat High Court admitted a Tax Appeal to consider substantial questions of law related to business income treated as capital gains and deletion of certain additions. The court noted that no question of law arose regarding the deletion of a specific amount written off as bad debts by the assessee.