ARTHI BALIGA,CHENNAI vs. ACIT, NFAC, , DELHI
In the result, the appeal filed by the assessee is dismissed
ITA 1559/CHNY/2024[2017-18]Status: DisposedITAT Chennai28 Feb 2025AY 2017-18
Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.1559/Chny/2024 िनधा"रण वष"/Assessment Year: 2017-18 Arthi Baliga, Vs. The Principal Commissioner Of No. 15, Flat No. 3-C, Coral Woods Income Tax, Chennai-4, Apartment, Sri Ram Nagar, South Chennai. Street, Alwarpet, Chennai 600 018. [Pan:Bkjpb5416P] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ravi Kannan, Advocate & Shri Varun Ranganathan, Advocate ""थ" की ओर से/Respondent By : Shri Nilay Baran Som, Cit सुनवाई की तारीख/ Date Of Hearing : 05.12.2024 घोषणा की तारीख /Date Of Pronouncement : 28.02.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 19.03.2024 Passed By The Ld. Principal Commissioner Of Income Tax, Chennai-4, Chennai For The Assessment Year 2017-18 Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short].
For Appellant: Shri Ravi Kannan, Advocate &For Respondent: Shri Nilay Baran Som, CIT
Section 143(3)Section 147Section 148Section 263
capital gains are taxed in the hands of the assessee (i.e. Individual), the same is taxable at the rate of 20% as per section 112(1)(a) and similarly, if the tax is assessed in the hands of the firm, the same is taxable only at the rate ... section 112(1)(d). Therefore, in either way, there is no prejudice to the interest of the revenue as the Income Tax Act, 1961 does not create a distinction between the rate at which Capital Gains is charged in the hands of the Individual and Partnership Firm
