https://www.taxtmi.com/caselaws?id=440627 The Appellate Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the addition made in the assessment order under the Income Tax Act for the Assessment Year 2009-10. The Tribunal found that the payment made by the appellant was legitimate and not an attempt to avoid tax liability, leading to the conclusion that the appellant should not be taxed for the capital gain amount as per the memorandum of understanding. The Tribunal emphasized the capital nature of the rights acquired in the transaction, ultimately ruling in favor of the appellant. en-us Fri, 16 Jun 2023 00:00:00 +0530 Sat, 22 Jul 2023 23:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440627 The Appellate Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the addition made in the assessment order under the Income Tax Act for the Assessment Year 2009-10. The Tribunal found that the payment made by the appellant was legitimate and not an attempt to avoid tax liability, leading to the conclusion that the appellant should not be taxed for the capital gain amount as per the memorandum of understanding. The Tribunal emphasized the capital nature of the rights acquired in the transaction, ultimately ruling in favor of the appellant. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440627