Case Law Details
Brief of the Case
ITAT Delhi held In the case of ACIT vs. Smt. Divya Jain that the adoption of Fair Market Value of share in lieu of value of sale consideration as declared by the assessee is not valid . There is no provision under the law to include prospective benefit in the ambit of the word “income”. Accordingly order of CIT (A) is being upheld.
Facts of the Case
The return of income for AY 2008-09 was filed on 29.9.2009 declaring total income at Rs.11,39,98,430/-. The case was selected for scrutiny on CASS and assessment proceedings was initiated so as to complete assessment under section 143(3) of the Act. The AO completed the assessment by making addition including addition by way of disallowing claim of assessee of loss on sale of securities by treating it as long term capital loss instead of business loss at Rs.3,39,79,600. The AO relied on the judgment of Pari Mangaldas Girdhardas vs. CIT (1997) CTR 647 (Guj) while making these additions.
Contention of the Assessee
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