C.I.T.- Kolkata-IV v. Saffron Estates (P) Ltd
[Citation -2015-LL-1209]

Citation 2015-LL-1209
Appellant Name C.I.T.- Kolkata-IV
Respondent Name Saffron Estates (P) Ltd.
Relevant Act Income-tax
Date of Order 09/12/2015
Judgment View Judgment
Keyword Tags capital asset • capital gain tax • immovable property

ORDER SHEET IN HIGH COURT AT CALCUTTA Special Jurisdiction [Income Tax] ORIGINAL SIDE ITA 477 of 2004 C.I.T. - KOLKATA- IV Versus SAFFRON ESTATES (P) LTD. Mr. Md. Nizamuddin, Adv. BEFORE: Hon'ble JUSTICE SOUMITRA PAL Hon'ble JUSTICE MIR DARA SHEKO Date : 9th December, 2015. Court : Let affidavit of service filed today be kept on record. Heard Mr. Niamuddin, learned advocate for appellant-revenue. appeal is admitted on following substantial questions of law: I) Whether on facts and in circumstances of case Tribunal ws justified in holding that sum of Rs.40,00,000/- received by assessee was in lieu of giving up its right in immovable property and as such said amount is for extinguishment of capital asset as per section 2(47) read with Section 2(14) of Income Tax Act, 1961. II) Whether on facts and in circumstances of case, Tribunal was right in holding that amount received by assessee as compensation 2 is capital gain and is subject to capital gain tax under section 45 of Income Tax Act, 1961. Let Paper Books be prepared and filed in department within 8 weeks and also be served on respondent-assessee within said period along with gist of this order and notice of this appeal. Let matter appear under heading For Hearing in Combined Monthly List of cases for month of March, 2016. application is disposed of. (SOUMITRA PAL, J.) (MIR DARA SHEKO, J.) sm C.I.T.- Kolkata-IV v. Saffron Estates (P) Ltd
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