TaxTMI 
TaxTMI 
2010 (12) TMI 1168
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.... ORDER PER SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER : This is an appeal at the behest of the Assessee which has emanated from the order of Learned CIT(Appeals)-II, Surat dated 04/11/2009. The substantive ground which is argued before us is Ground No.1; reproduced below:- (1) On the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeals) was not justified in direct....
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....derground Gas Pipeline. The assessee has treated the same as "capital receipt" not liable to tax, however, the Assessing Officer has assessed the same as the income of the assessee. 3. When the matter was carried before the first appellate authority, the Learned CIT(Appeals) has accepted that it was a "capital receipt" but subject to capital gain tax. The Learned CIT(Appeals) has directed to comp....
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....ut the CIT(A) held the same to be capital receipt. The order of the CIT(A) is accepted by the Revenue. Thus, only question before me is whether the capital receipt is chargeable to capital gain tax or not. As per section 45 any profit or gains arising from the transfer of capital asset, is chargeable to tax. Thus, transfer of capital assets is a necessary condition for chargeability of capital gai....