Capital gains

For the purposes of s 2(47), in property matters, a transfer shall be deemed to be effected on the date on which the sales deed was registered and the capital gain was liable from the date of registration of the sales deed, as held by DelTrib in ACIT v Bishan Lal [HUF] and Anr — In favour of: The revenue.

Interest under 234A, 234B and 234C — The charging of interest under s 234A, 234B and 234C is mandatory in nature.

If the AO has charged interest in the ITN-150 while computing tax, the assessee’s contention that the AO did not charge interest specifically in the body of the order is not maintainable.

Appeal — The CIT(A) had jurisdiction under s 246A to decide the appeal relating to the levy of interest.

Where the revenue has raised a substantial question of law, the monetary limit for filing the appeal before the Tribunal will not be applicable.

Decided on: 30 August 2011.