TaxTMI 
TaxTMI 
2013 (7) TMI 960
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....R. S.T.M. PAVALAN, JM: This appeal filed by the Revenue is directed against the order of the Ld.CIT(A) - 18, Mumbai dated 24.12.2009 for the Assessment Year 2006-07. 2. The solitary issue arising out of the grounds of appeal relates to the addition of Rs. 4,48,54,923/- made by the AO on account of long term capital gains and the same deleted by the Ld.CIT(A). 3. Briefly stated, the assessee, an....
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....the alleged total consideration 'accrued' to the transferors by clubbing the initial consideration and deferred consideration and thereby assessed the capital gain at Rs. 4,91,94,923/- as taxable in the hands of the assessee. 4. On appeal, the Ld.CIT(A) deleted the impugned addition made by the AO as the deferred gain could not be taxed as the gain which was not received or accrued to the assesse....
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....eorge Henderson & Co. Ltd [(1967) 66 ITR 622 (SC)] and the decision of the ITAT in the case of Mrs. Alpana Piramal vs. ITO [(2001) 76 ITD 375 (Mum)] in support of the proposition that for the purpose of calculating the capital gains, 'full value consideration' is to be taken into account as per the provisions of the Income Tax Act. 5.1 On the other hand, the Ld. Senior Counsel for the assessee ha....
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.... agreement to tax is not tenable and the Ld.CIT(A) is rightly deleted the impugned addition. 6. We have heard both the parities and perused the material on record. The perusal of the provisions of the agreement indicates that the amount of Rs. 20 crore is the maximum amount that could be received by the assessee's group which comprises of initial consideration and the deferred consideration. It a....