worth of the undertaking for
computation of capital gains under section 50B of the
Act.
2. The learned CIT(A) has erred in confirming ... worth of the
undertaking for computation of capital gains under
section 50B of the Act.
3. Without prejudice to the above grounds, the
learned
section (3) of section 143 or this section has been
made for the relevant assessment year, no
action shall be taken under this section after ... return under
section 139 or in response to a notice issued
under sub section (1) of section 142 or section
148 or to disclose fully
acquisition and cost of improvement for section 48 and section 49 of the
Act. As per section 50B , no indexation benefit is available on cost ... acquisition and cost of improvement for section 48
and section 49 of the Act. As per section 50B , no indexation benefit is
available on cost
this regard we have to
consider the scope of Section 50 and Section 50B of the Act. In our view
assessee's claim ... Sections 48 and 49 net worth has to be computed in terms of explanation 1 of
the said Section. The capital gain under Section 50B
slump sale which the
said section deals with. The net worth, for the purposes of section 50B ,
is to be computed according to the formula ... substitutes the definition
of "net worth" in sub-section (2) of section 50B to now define "net
worth" as the aggregate
deduction. On the contrary we are
dealing with section 45 read with sections 48 and 50B providing for the computation of
capital gain ... sale of business
in its entirety u/s 45 read with sections 2(42C) and 50B. We fail to appreciate as to how
this case
2009,
passed under section 143(3) r/w section 147 of the Act, the Assessing Officer
has applied provisions of section 50B ... business as a whole. Thus,
provisions of both section 2(42C) and section 50B of the Act are not found
applicable in case
working of short term capital gain as per the provision of section 50B
of the Income Tax Act, 1961.
1
ITA NO. 5510/DEL/2004 ... while going
through the provisions of section 43(6)(c)(i)(C) read with explanation to
section 50B it will be noted that to work
acquisition and cost of
improvement for section 48 and section 49 of the Act. As per section 50B ,
no indexation benefit is available on cost ... acquisition and cost of improvement for section 48 and section 49 of the
Act. As per section 50B , no indexation benefit is available on cost
which could be computed
as per the provisions of section 2(42C) read with section 50B. He
contended that the ld. CIT(Appeals ... accordingly
section 2(42C) was inapplicable. The addition made by the Assessing
Officer by invoking section 2(42C) read with section 50B accordingly was
held
