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| The Tax Publishers2019 TaxPub(DT) 7298 (SC) : (2020) 270 TAXMAN 0008 INCOME TAX ACT, 1961
Section 261 Section 147
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in The Swastik Safe Deposit and Investments Ltd. v. Asstt. CIT [Writ Petition No. 3390 of 2018, dt. 14-2-2019] : 2019 TaxPub(DT) 4370 (Bom-HC), whereby the High Court held that it could not be found that AO had dealt with assessee's contention that shares were held for a period in excess of one year and therefore, there was no liability to pay capital gain tax on the proceeds of sale of shares, hence, matter was remanded back to AO with a direction to pass a further order dealing with the specific objection of the petitioner and reassessment proceedings were stayed, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Reassessment - Capital gain on sale of shares -- AO not considered assessee's objection
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in The Swastik Safe Deposit and Investments Ltd. v. Asstt. CIT [Writ Petition No. 3390 of 2018, dt. 14-2-2019] : 2019 TaxPub(DT) 4370 (Bom-HC), whereby the High Court held that it could not be found that AO had dealt with assessee's contention that shares were held for a period in excess of one year and therefore, there was no liability to pay capital gain tax on the proceeds of sale of shares, hence, matter was remanded back to AO with a direction to pass a further order dealing with the specific objection of the petitioner and reassessment proceedings were stayed. Held: The Supreme Court dismissed the SLP.
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