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| The Tax Publishers2020 TaxPub(DT) 4630 (Mad-HC) INCOME TAX ACT, 1961
Section 260A
No question of law arising in the present appeals by the revenue, as the Tribunal had clearly noted in its impugned order that the capital gains have already been subjected to tax in the subsequent assessment years.
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Appeal (High Court) - Substantial question of law - Finding of fact recorded by Tribunal -
Revenue filed appeal against the order of Tribunal quashing the order passed under section 263 in respect of taxability of capital gains. Held: No question of law arising in the present appeals by the Revenue, as the Tribunal had clearly noted in its impugned order that the capital gains have already been subjected to tax in the subsequent assessment years. For the present assessment year, even though the Assessing Authority himself has accepted that there were no transfer of land in the Joint Venture Agreement for development of the property, still by resorting to section 263, it cannot be said to be prejudicial to the interests of Revenue, as held by CIT, which had been rightly set aside by Tribunal by the impugned order and therefore, no question of law arose.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 1997-98
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