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Case Law Details

Case Name : Dy. CIT-9(1)(1) Vs. M/s Amartara Pvt Ltd (ITAT Mumbai)
Related Assessment Year : 2012-13
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Dy. CIT  Vs. M/s Amartara Pvt Ltd (ITAT Mumbai)

Provisions of section 45(3) deals with special cases of transfer of capital asset where the profits or gains arising from the transfer of capital asset by way of capital contribution or otherwise shall be chargeable to tax in the previous year in which such transfer takes place and for the purpose of section 48, the amount recorded in the books of account of the firm shall be deemed to be the full value of consideration received or accruing as a result of transf

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One Comment

  1. vswami says:

    INSTANT
    “….it is incorrect to extend one deeming fiction to another deeming fiction for the purpose of determination of consideration received as a result of transfer of capital asset.”
    < 'to extend one deeming fiction to another deeming fiction' – may be better put, in one word, , 'telescopically' !

    Now, the view the ITAT has taken, following the righteous principle laid down by the SC in a decided case, as imagined, with full merits and rightly so, might go a long way in putting an end to the legislature's /FM's escapade and fanciful resort to the 'deeming' concept, – impudently so, with no, or sky as the, limit /or to the end of vast horizon deceptively in virtual vision!

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