TaxTMI 
TaxTMI 
TaxTMI 
2010 (9) TMI 120
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....he Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") challenging the order dated 24th April, 2009 passed by the Income Tax Appellate Tribunal (for brevity "Tribunal") in ITA No. 560/Del/2009 for the Assessment Year 2003-2004. 2. Mr. N.P. Sahni, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addition of '30 lacs made by the Assessing Office....
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.... the Registrar of Companies but also had a Permanent Account number. In fact, the Tribunal in its impugned order has observed as under :- "7. It is seen that as per the material on record before the authorities below, the assessee had entered into an agreement dated 9.1.2003 for selling its flat at Vasant Kunj, New Delhi to M/s. Fair N. Square for a sum of Rs.90 lakhs. M/s. Fair N. Square paid an....
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....ncluded that the proper transaction as submitted by the assessee, was not genuine, particularly when the assessee had filed even a copy of the agreement with regard to such transaction before the AO. The ld. CIT(A), while deleting the addition, went through the agreement. It was seen that if the party committed a default in paying the amount of Rs.60 lakhs within one year from the execution of the....
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....section 151 of the Act by which specifically takes into its fold such like advances received and forfeited by the assessee. It was on these considerations that the ld. CIT(A) deleted and, in our considered opinion, rightly so, the addition made by the AO." 4. In view of the aforesaid, we are of the opinion that as the legality and validity of the Agreement to Sell had not been questioned by the A....