Assessee Jhonson Electric Company Limited,, Vadodara The Income Tax Officer, Ward-1(1)(3), Vadodara

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Last updated: 05 December 2020
Quick Summary
This case involves Johnson Electric Company Limited appealing a decision that treated their Long Term Capital Gain (LTCG) as Short Term Capital Gain (STCG). The Assessing Officer (AO) initially completed the assessment showing income of Rs.19,34,420/-. However, the case was reopened when the Stamp Valuation Authority valued the property sold at Rs.4,67,51,985/-, significantly higher than the Rs.2 Crore declared by the assessee. The AO treated the stamp duty value as the sale consideration, leading to an addition of Rs.2.6 Crore for capital gains.

Court :
ITAT Ahmedabad

Brief :
This appeal by the Assessee is directed against the order of Ld. Commissioner of Income Tax (Appeals)-1, Vadodara dated 17.01.2017 for the assessment year 2008-09.

Citation :
I.T.A No.754/AHD/2017

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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