TaxTMI 
TaxTMI 
2010 (5) TMI 66
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...., J - The order dated 15.05.2009 passed by the Income Tax Appellate Tribunal in ITA 2062/Del/2002 relating to the assessment year 1998-1999 is assailed by the revenue before us by way of this appeal. 2. The facts of the case are that the assessee had filed a return of income wherein it was shown that in the year in question the assessee company had disposed of 75,600 equity shares o....
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..../- for the purposes of computation of capital gains. According to the Assessing Officer, the value of the shares was overstated in the balance sheet by Rs 69,78,707/- and the Assessing Officer required the assessee to indicate as to why the said amount should not be added to the returned income. Thereafter, in the order passed under Section 154/143(1)(a) of the said Act, the Assessing Officer made....
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....nto the account is a matter which can be decided only after due deliberations, and after examining the facts and circumstances of each case. This issue cannot, by any stretch of imagination, be made a subject matter of prima facie adjustment within the meaning of Section 143(1)(a) of the Act. In case of the A.O. proposed to make any addition on account of value of shares as per in the balance shee....
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....nce with Accounting Standard-13 and other was the manner of computation of capital gains under the income tax regime. Insofar as the assessee following the Accounting Standard-13 is concerned, the learned counsel for the revenue could not point out any deficiency in the following of such standard as reflected from the books of the assessee company. The learned counsel for the revenue could not als....