M/S. MEDI ASSIST INSURANCE TPA PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12(1), BANGALORE
In the result, the appeal filed by assessee stands dismissed
ITA 1933/BANG/2018[2011-12]Status: DisposedITAT Bangalore15 Feb 2022AY 2011-12
Bench: Shri B R Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Medi Assist Insurance Tpa Pvt. Ltd., The Dy. Commissioner Of Tower ‘D’, 4Th Floor, Ibc Income-Tax, Knowledge Park, 4/1 Bannerghatta Vs. Circle - 4(1)(2), Main Road, Bengaluru. Bengaluru-560 029. Pan –Aaccm 8044 P Appellant Respondent Assessee By : Shri Sudhir Prabhu, C.A Revenue By : Shri Sumeer Singh Meena, Cit(Dr) Date Of Hearing : 10.01.2022 Date Of Pronouncement : 15.02.2022 O R D E R Per Beena Pillaithis Appeal By The Assessee Is Directed Against The Order Of The Cit(A)- 4, Bangalore Dated 22/3/2018 For The Asst. Year 2011-12 For Computing The Short Term Capital Gain At Rs.7,80,38,353/-. 2. The Assessee Raised The Following Grounds Before Us “(I) On The Facts & Circumstances Of The Case & In Law The Learned Dcit & Cit(A) Erred In Computing The Short Term Capital Gain At Rs.7,80,38,353/- By Adding The Negative Net-Worth Instead Of Restricting The Same To Nil As Deeded Cost, Since Cost Cannot Be A Negative Value Page 2 Of 19
For Appellant: Shri Sudhir Prabhu, C.AFor Respondent: Shri Sumeer Singh Meena, CIT(DR)
Section 142(1)Section 50B
capital gain notwithstanding the period for which its individual assets were owned and held.
(c) The net worth of the undertaking or the division is deemed to be the cost of acquisition and the cost of improvement for the purposes of sections 48 and 49. What is “net worth” has been defined in Explanation 1 to section 50B to mean
