Latest Income-Tax Details

For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

Whether on the facts and in circumstances of the case, Ld. CIT(A) has erred in restricting the addition up to Rs. 2,44,03,979/- made by the AO on account of Long Term Capital Gain of total Rs. 4,21,69,213/-.

Shanti Prime Publication Pvt. Ltd.

Section 2(47) & 45 of the Income-tax Act, 1961—Capital gain—Mere passive nature of income can't be a sole criteria for disallowance of expenses and before arriving at such a conclusion, there are certain matters which need appropriate consideration, the assessee may be a conservative investor and may not have invested in mutual funds, stock market or private equity, however, the same cannot be held against him unless the considerations are examined in detail, thus,it was appropriate to remand the matter back to the file of the Assessing officer to examine the same afresh including the decision of the Coordinate Bench after providing reasonable opportunity to the assessee - ACIT V/s IJYARAJ SINGH - [2020] 183 ITD 237 (ITAT-JAIPUR)