Capital Gain cannot be charged in absence of Transfer of Capital Assets

Supermax Personal Care Private Limited Vs ACIT (ITAT Mumbai)

We are of the opinion that the endeavor of the departmental officers to tax the transaction in question as capital gains was not supported by the any legal base.First and foremost there was no transfer of capital asset,which is the basis for invoking the provisions of section 45 of the Act, in the case under consideration.The AO and FAA have tried to build a house without laying down foundation.Without the existence of capital assets they have tried to tax capital

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