2015 (4) TMI 506

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....nt : Mr. M. Subramaniam i/b. Mr. V. S. Hadade JUDGMENT : This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 13th June, 2012 passed by Income Tax Appellate Tribunal (the Tribunal) . 2 The Assessment Year (A. Y.) involved is A. Y. 200607. 3 The following question of law has been formulated by the Revenue for our consideration:" Whether on ....

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.... builder-M/s. Veera & Gala Developers. The above agreement provided for a compensation of Rs. 2.50 Crores as a consideration for surrender of tenancy by the RespondentAssessee. During assessment proceedings, the RespondentAssessee submitted that the tenancy of the premises was in the name of the partners individually and not in the name of the firm. The RespondentAssessee pointed out that the rent....

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....vested the same in NABARD bond for the purpose of exemption under Section 54EC of the Act. As an alternative, it was submitted that the benefits claimed on exemption under Section 54EC of the Act be extended to the Respondentfirm. The Assessing Officer did not accept either of the two submissions and brought to tax an amount of Rs. 2.50 Crores in the hands of the RespondentAssessee. 6 In Appeal....

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.... CIT(A) and held that the tenancy rights of the rental premises/ properties was always held by the partners and never by the firm. In view of the above, Appeal filed by the Revenue was dismissed by the impugned order dated 13th June, 2012. 8 Mr. Malhotra, learned Counsel appearing for the Revenue submits that the Tripartite Agreement found during the course of survey was entered into between la....