2012 (8) TMI 936 - HC - Income Tax

Gujarat HC: Gain Calculated as Difference in Values. Respondent Given 3 Months for Paper Book

The Gujarat HC held that the gain should be calculated as the difference between Rs. 86,15,894 and the written down value of Rs. 34,64,745. The respondent ... Summary order. Appeal admitted and a substantial question of law was formulated whether, for the assessee firm, short-term capital gain under Section 45(4) is the difference between the consideration of Rs. 86,15,894 and the written down value of Rs. 34,64,745 (i.e., Rs. 51,51,149), and whether only the factory building valued at Rs. 86,15,894 was transferred while the land was not transferred; notice issued to the respondent and paper book directed to be filed within three months. The Gujarat High Court heard the case regarding short term capital gain in the hands of the assessee firm. The substantial question of law was whether the Tribunal was correct in holding that the gain would be the difference between Rs. 86,15,894 and the written down value of Rs. 34,64,745. The Court issued notice to the respondent for submission of the Paper Book within three months.