2005 (7) TMI 679

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....ction 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court:- "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that Nirgam Mulya paid by the assessee was part of the bid money and therefore, was beyond the purview of section 44AC of the Income-tax Act, 1961" The present refe....

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....ffective from 1st November, 1990 "bid money" would include licence fee and issue price. Lastly, the assessee relied on the decision of the Income Tax Appellate Tribunal, Allahabad in the case of M/s Naresh Babu Suresh Chandra in I.T.A. No. 2098/Alld/1992 dated 19th March, 1993 wherein it was held that "Nirgam Mulya" would not form a part of purchase price for the purpose of sec....

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....d by the respondent assessee was part of the bid money and therefore, was beyond the purview of section 44AC of the Act. We have heard Sri R. K. Upadhyaya, the learned standing counsel for the Revenue. Nobody has put in appearance on behalf of the respondent assessee. We find that in the Apex Court in the case of Union of India and another vs. A. Sanyasi Rao and others (J.T. 1996 (2) SC 425) has....