2025 (3) TMI 1937

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....For the Respondent : Shri Vivek Vardhan (Addl. CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 20-06-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/....

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.... it had sold the assets and parted with the physical possession. The items sold were cranes and trucks which were previously used in business operations. The assessee received advances and balance sales proceeds were received in next year. Due to termination of various contracts, the assessee was left with no option but to start up winding up of the business. For this purpose, machineries had to b....

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....ceased to exist during the year. In this situation, the resultant gains / loss would be in the nature of short term gains / losses. It is undisputed fact that the assessee has entered into sale agreements with the buyers and received part of the sale consideration in this year. The assessee has parted with the possession. In case of moveable properties, the transfer is affected by mere delivery th....