LTCG cannot be treated as turnover to deny benefit of Section 47(xiiib)

ACIT Vs AVA landmark LLP (ITAT Delhi) The capital assets held by erstwhile company transferred to assessee as LLP were considered as transfer and the Assessing officer made addition of Rs.11,37,40,244/- to the return income on allegation of non-compliance of Section 47(xiiib) of the Act. However, the Ld. CIT(A) observed that there is no violation of the provisions of Section 47 (xiiib) (e) of the Act and allowed the appeal. It can be observed that the grounds no. 1 to 3 are inter-connected and are primarily concerned with controversy that if the profit on sale of plot by assessee is LTCG or bu...