The High Court of Calcutta has held that as circular dated 29.02.2016 if the assessee desires to treat the income arising

The High Court of Calcutta has held that as circular dated 29.02.2016 if the assessee desires to treat the income arising 

The High Court of Calcutta has held that as circular dated 29.02.2016 if the assessee desires to treat the income arising from transfer thereof as capital gains, the same shall not be put to dispute by the assessing officer. It is further stated that once such stand is taken by the assessee in a particular assessment year, shall remain applicable in subsequent assessment years also and the taxpayers shall not be allowed to adopt a different/contrary stand in this regard in subsequent years. If that be so, the same embargo can also be placed on the department, by holding that the department cannot take a different view in the subsequent years in the absence of any fresh materials warranting such departure. 



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