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2018 (8) TMI 1853
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....RDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income tax Appellate Tribunal dated 26.2.2018 raising following question for our consideration. "Whether the Appellate Tribunal has substantially erred in deleting the penalty u/s.271(1)(c) of the Act of Rs. 1,13,30,000/which was levied by the AO on the income arising from transfer of....
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....is settled and the same has to be taxed u/s.45 of the Act. Admittedly, it is a fact that in spite of the findings of the Tribunal, the A.O. Treated the same as income under the business head. The provisions of Section 45(3) of the Act clearly states that for the purposes of Section 48, the amount recorded in the books of accounts as the value of the capital assets shall be deemed to the full value....