No transfer of assets in case of shifting of plant & machinery from fixed to current assets

Advertisement Palco Tex Fab Limited Vs ACIT (ITAT  Delhi) ITAT Delhi held that there is no transfer of assets in case of the shifting of plant & machinery from fixed assets to current assets. Accordingly, there is no question of determination of capital gain. Facts- During the course of scrutiny proceedings, AO noticed that the assessee in his books has shifted some plant & machinery from fixed assets to current assets and booked impairment loss in the books. This impairment loss was suo moto disallowed by the assessee in the return of income. AO observed that the assessee had not ...