2022 (8) TMI 203

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessee read as under :- "Ground No.1: The Ld. Commissioner of Income Tax (Appeals) - 15, New Delhi (hereinafter referred to as 'CIT(A)') has erred on facts and in law in passing the order dated 30-09-2019 under section 250 of the Income Tax Act, 1961 (hereinafter referred to as 'The Act') towards the appeal filed against the intimation under section 143(1) of the Act. Ground No.2: The Ld. CIT(A) has grossly erred both in law and on fact in holding that the Central Processing Centre, Bengaluru (herein after referred as 'CPC') is correct in disallowing the Tax credit amounting to Rs. 1,85,392/- from the tax liability, despite the fact that such TDS is being deducted on the payment made ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....th two parties i.e. M3M India Private Limited and GOMBI Buildtech Pvt. Ltd. and has received the balance consideration amounting to Rs.1,85,39,239/- (Including TDS under section 1941A amounting to Rs. 1,85,392/-). The appellant has further transferred the same to M/s Emaar MGF Land limited which is the ultimate holding company of the appellant. It may be noted that the said money has been transferred in line with the collaboration agreement entered into between the appellant and M/s Emaar MGF Land Private Limited (hereinafter referred as 'Emaar'), vide agreement dated January 20, 2007. At the outset, the appellant ('owner of the land') has entered into said collaboration agreement with Emaar ('developer of the project&#3....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed by the Developer Company. The Compensation/ consideration so received or receivable shall be on the account of the Developer Company and the Owners shall immediately remit/adjust the consideration/compensation received to the Developer Company. Any Deficiency or surplus on such transaction shall be exclusively borne by the Developer" Now, it is to bring to your honor's notice that the Appellant had duly transferred the receipts on account of exchange of land to M/s Emaar MGF land limited, and M/s Emaar MGF land Limited has shown the gain arising out of the said transaction under the head Gain on Exchange of land as apparent from Schedule 22 of the audited financials of M/s Emaar MGF land limited for FY 2016-17 and accordingl....