Court :
High Court
Brief :
I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99 - Whether expression ‘full value of consideration’ used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets which have been transferred - Held, yes
Section 55A of the Income-tax Act, 1961 - Capital gains - Reference to valuation officer - Assessment year 1998-99 - Whether reference to a Valuation Officer under section 55A is for object of ascertaining fair market value of a capital asset and it is only when Assessing Officer is required to ascertain fair market value of a capital asset that provisions of section 55A can be invoked - Held, yes
II. Section 36(1)(vii) of the Income-tax Act, 1961 - Bad debts - Assessment year 1998-99 - Whether for claiming deduction under section 36(1)(vii), all that assessee is required to do is to write off debt as irrecoverable in its accounts of relevant previous year; fact that permission of Reserve Bank of India to write off debt is communicated to assessee after end of relevant previous year is not relevant for that purpose - Held, yes
Citation :
Commissioner of Income-tax vs Smt. Nilofer I. Singh - (2009) 176 Taxmann 252 (Delhi)
Subscribe to CCI PRO for unlimited access
Already a PRO member? Login here for an ad-free experience.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
