2016 (12) TMI 422

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....DER Heard Mr.N.Prasad, learned counsel appearing for the petitioner and Mr.S.Kanmani Annamalai, learned Additional Government Pleader appearing for the respondent and perused the materials placed on record including the counter affidavit. 2. The petitioner, who is a Public Limited Company incorporated under the Companies Act, is an assessee on the file of the respondent under the provisions ....

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....ons dated 13.03.2013, wherein the petitioner pointed out that the aircraft was owned jointly by three persons for the purpose of their business in terms of the joint venture agreement executed between the parties on 10.09.2003. It was further stated that as per the memorandum of agreement dated 15.03.2011 between the parties for exit of the petitioner from the joint venture agreed to transfer, ass....

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.... have examined the scope of the joint venture agreement between the petitioner and the other entities for testing the correctness of the submission of the petitioner that it is only a release of relinquishment of share in the joint venture and not a sale. 4. The petitioner's case is that the transaction will not fall within the scope of the expression 'sale' as defined in Section 2(....

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....ide and the matter is remanded to the respondent for fresh consideration, who shall take note of the observations made this order and re-do the assessment under the said head in accordance with law. From the observations made in the impugned order as well as the averments as set out in the counter affidavit, it appears that the entire proceedings is on account of the report submitted by the Enforc....