2 results for “capital gains”+ Section 197clear
Sorted by relevance
In the result both the appeal of the Revenue and the cross objections of the assessee stands partly allowed
Bench: Shri P.M. Jagtap, Hon’Ble V.P (Kz) & Shri A. T. Varkey, Jm]
197 Taxman 337] (Constitution bench of 5 Supreme Court Judges). By express mention of ‘Assets’ and definition given to it specifically, it is implied that the Parliament silently excluded the items of ‘revenue’, ‘expenditure’ & ‘liabilities’ from its jurisdictional fact for invoking/assumption/usurpation of jurisdiction u/s. 153C/153A of the Act for the seventh to tenth assessment year preceding the searched assessment year