https://www.taxtmi.com/caselaws?id=241491 The High Court dismissed the Income Tax Appeal, upholding the Tribunal's decision to delete additions made by the Assessing Officer under various sections of the Income Tax Act. The Court affirmed that the amount received was for a business transaction, not falling under specified provisions, and was related to the sale of property, not a loan. The Court found the MOU and other evidence presented established the commercial nature of the transaction, leading to the deletion of the additions. The Tribunal's findings were upheld as conclusive, supporting the commercial nature of the transactions. en-us Tue, 26 Nov 2013 00:00:00 +0530 Wed, 25 Dec 2013 06:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241491 The High Court dismissed the Income Tax Appeal, upholding the Tribunal's decision to delete additions made by the Assessing Officer under various sections of the Income Tax Act. The Court affirmed that the amount received was for a business transaction, not falling under specified provisions, and was related to the sale of property, not a loan. The Court found the MOU and other evidence presented established the commercial nature of the transaction, leading to the deletion of the additions. The Tribunal's findings were upheld as conclusive, supporting the commercial nature of the transactions. Case-Laws Income Tax Tue, 26 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241491