2013 (9) TMI 875

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.... For the Respondent : Mr H M Bhatia, Adv. JUDGEMENT:- PER : Barin Ghosh During the assessment year 1996-97, appellant assessee wanted the benefit of Section 10(22) of the Income Tax Act. Section 10(22) of the Income Tax Act is as follows:    "In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be inc....

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....sented to be the Managing Director of M/s Bhanu & Sons Pvt. Ltd. and further represented that she has been authorized by a resolution of the Board of Directors of M/s Bhanu & Sons Pvt. Ltd. dated 16th August, 1988 to enter into the said Memorandum of Understanding. Memorandum of Understanding stated that M/s Bhanu & Sons Pvt. Ltd. owns properties, as mentioned in the said Memorandum of Understandi....

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.... of the other properties, mentioned in the said Memorandum of Understanding belonging to M/s Bhanu & Sons Pvt. Ltd. would be acquired by the appellant assessee at a consideration not less than Rs.65 lacs and, accordingly, the said property was acquired ultimately on 6th February, 2002. It appears to be the contention of the appellant assessee that the said acquisition has been accepted by the Depa....