2024 (10) TMI 1151

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....8/COCH/2015 pertaining to the assessment year 2012-2013. The following substantial questions of law have been raised by the appellant: (i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in allowing the additional ground raised by the Revenue before the second appellate forum, which were not raised either by the Assessing Officer or the Commissioner of Income Tax (appeals) nor considered by them? (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the transfer of the depreciable capital assets attracted capital gains tax under Sec.45(4) of the Act, in the absence of distribution of any capital asset among the pa....

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....ased from the firm to the accounts of the firm, at the same value at which he had purchased it from the erstwhile firm, namely, Rs. 7.40 crores. 3. While submitting its returns for the assessment year 2012- 2013, the appellant firm declared a taxable income of Rs. 67,59,315/- in its return dated 31.10.2013. The Assessing Officer, pursuant to a scrutiny of the said return, completed the assessment under Section 143(3) of the Income Tax Act by making a substantial addition to the declared income to the tune of Rs. 9,77,46,777/-. Of the said amount, an amount of Rs. 6,50,77,334/- was attributed to the short-term capital gains alleged to have accrued to the appellant firm by computing the same in accordance with S.50A of the IT Act. 4. In an ....

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....the appellant is before us in this appeal raising the questions of law aforementioned. 7. We have heard Sri. Mohan Pulickkal, the learned counsel for the appellant and Sri.Jose Joseph, the learned Standing counsel for the Income Tax Department. 8. On a consideration of the rival submissions, we find that it is not seriously disputed by the appellant that the charging provisions for short-term capital gains under the Income Tax Act, on the facts of the instant case, are as stipulated under Section 45(4) of the Income Tax Act. If that be so, then the only other question to be considered is regarding the manner in which the short-term capital gains that are chargeable under Section 45(4) of the Income Tax Act have to be computed. A reading o....