ASSISTANT COMMISSIONER OF INCOME TAX NCC3(1) CHENNAI, NUNGAMBAKKAM vs. SHRI VENKATESH MEGHRAJ KATHARE , ALWARPET

ITA 974/CHNY/2024Status: DisposedITAT Chennai20 September 2024AY 2014-15Bench: SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANOJ KUMAR AGGARWAL (Accountant Member)10 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the period of holding of the asset should include the period the company held it, thus confirming the CIT(A)'s view that the gains were long-term. The Tribunal also agreed with the CIT(A) that Section 50C was not applicable as there was no transfer of a capital asset by the assessee.

What were the facts?

The assessee received land from a company during its liquidation. The Assessing Officer (AO) treated the sale of this land as Short Term Capital Gain, while the Commissioner of Income Tax (Appeals) [CIT(A)] considered it as Long Term Capital Gain. A second issue involved the applicability of Section 50C to the sale of another land received on liquidation.

What were the issues?

Whether the period of holding of a capital asset received on liquidation of a company should include the period the company held it, and whether Section 50C applies to assets received on liquidation.

Which sections of the Income-tax Act were involved?

Section 46(2),Section 2(47),Section 2(42A),Section 50C,Section 45,Section 49,Section 48

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C’ BENCH, CHENNAI

Before: SHRI MAHAVIR SINGHAND SHRI MANOJ KUMAR AGGARWAL

Hearing: 18.09.2024Pronounced: 20.09.2024

PER MAHAVIR SINGH, VICE PRESIDENT:

This appeal by the Revenue is arising out of the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre in Order No.ITBA/NFAC/S/250/2023-24/1061041943(1) dated 16.02.2024. The assessment was framed by the Assistant Commissioner of Income-tax, Non-Corporate Circle 3, Chennai for the assessment year 2014-15 u/s. 143(3) of the Income Tax Act, 1961 (hereinafter the ‘A

The order continues below.

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