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Case Law Details

Case Name : Palco Tex Fab Limited Vs ACIT (ITAT Delhi)
Related Assessment Year : 2015-2016
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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 lo

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