THE INCOME-TAX OFFICER, MUKTSAR vs. M/S. MAKKAR COTTON MILLS,, MUKTSAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.504/Asr/2014 Assessment Year: 2006-07

section 41 (2) of the Income Tax Act, 1961. As per reasons recorded, the plant and machinery of the assessee was sold at Rs. 20,00,000/- whereas the cost as per records was Rs. 1,60,000/. Hence, the assessment was made by the then AO at Rs. 18,40,000/- being Long Term Capital Gain arised on account