KANCAST PVT. LTD. Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE captioned appeal by the assessee is directed against an order of the Commissioner of Income Tax (Appeals) -V, Pune dated 21.07.2011 which, in turn, has arisen from an order dated 31.12.2008 passed by the Assessing Officer u/s. 143(3) of the Income -tax Act, 1961 (in short "the Act") pertaining to the assessment year 2006 -07.

(2.) IN this appeal, assessee has raised the following Grounds of Appeal: - -

(3.) ON facts and circumstances prevailing in the case and as per provisions of the law it be held that, the AO has erred in computing short term capital gains on sale of other assets at Rs. 82,93,137/ - as against Rs. 73,66,673/ - computed and disclosed in the return of income. The capital gain quantified by the AO be held as erroneous and not in accordance with the facts prevailing in the case and as per provisions of law. It further be held that the order of the 1st appellate authority confirming the decision of the AO in this respect is contrary to the provisions of law and facts prevailing in the case. The appellant be granted just and proper relief in this respect.