2023 (8) TMI 388

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....Manish Kanth i/b. Mr. Atul K. Jasani. P.C:- Following substantial questions of law are proposed:- "(a) Whether in law and in given facts and circumstances of the case, retention of 49 percent saleable area in the property by the developer represents transfer of stock in trade u/s. 45(2) of the Income Tax Act, 1961 and therefore, capital gains on transfer of stock in trade be subjected to tax....

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....nner the consideration will be received by the assessee towards the transfer of stock in trade and not the fact that transfer of stock has taken place or not?" 2. In this case, Respondent-Assessee had appealed against order dated 22nd March 2016 passed by the Principal Commissioner of Income Tax-12, Mumbai (Principal CIT) under Section 263 of the Income Tax Act, 1961 (the Act), revising the Asse....

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.... of revision proceedings under Section 263 of the Act has been dealt by this Court in Grasim Industries Ltd., v/s. CIT (321 ITR 92). In Grasim Industries (supra), the Court held that where two views are possible and the Income Tax Officer has taken one view with which the Commissioner does not agree, it cannot be treated as erroneous order prejudicial to the interest of Revenue unless the view tak....