2018 (10) TMI 590 - SCH - Income Tax

Capital gain - Asset transferred as Gift - Period of Holding - Held that - In these appeals the tax effect is less than ₹ 1 crore and it also appears that they do not come under any exception provided in Para 10 of the Circular dated 11.07.2018 as amended by Circular dated 20.08.2018. These appeals are, accordingly, dismissed. However, it will be open to the Income-Tax Department to seek revival if the Department finds that these cases are covered under any exception of the said Circular.

Summary

The Supreme Court dismissed the appeals as the tax effect was less than Rs. 1 crore and did not fall under any exceptions in the Circular dated 11.07.2018. The Income-Tax Department can seek revival if the cases are found to be covered under any exception of the Circular.