Amount received by Retiring Partner not chargeable to Capital Gain Tax

Alankar Saphire Developers Vs DCIT (ITAT Delhi)

Facts of Case:

The assessee, M/s. Alankar Saphire Developers is a company dealing in real estate, land trading, trading, and development. A search was conducted at the office premises of the company. Accordingly, notice under section 153A was issued.

The assessee filed a letter with a printout of return for the Assessment Year 2003-2004 and requested that return filed originally under Section 139 of the Income Tax Act, 1961, should be treated as return filed under section 153A of the Income Tax Act, 1961 and no details were furnished. Accordingly, proceedings were culminated by passing an order under section 153A/144 of the Income Tax Act, 1961.

Interpretation of law:

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