https://www.taxtmi.com/caselaws?id=417466 The Tribunal dismissed the appeal filed by the Revenue and the cross objection filed by the assessee, upholding the CIT(A)'s decision to delete the additions made by the Assessing Officer in the computation of short term capital gains for the transfer of the undertaking. The excluded items, such as long term borrowings, advance sale consideration, and share application money pending allotment, were deemed not actual liabilities and were not considered for net worth calculation under section 50B of the Income Tax Act, 1961. en-us Wed, 12 Jan 2022 00:00:00 +0530 Sun, 23 Jan 2022 20:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417466 The Tribunal dismissed the appeal filed by the Revenue and the cross objection filed by the assessee, upholding the CIT(A)'s decision to delete the additions made by the Assessing Officer in the computation of short term capital gains for the transfer of the undertaking. The excluded items, such as long term borrowings, advance sale consideration, and share application money pending allotment, were deemed not actual liabilities and were not considered for net worth calculation under section 50B of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417466