TaxTMI 
TaxTMI 
2023 (2) TMI 208
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....Delhi in respect of two different assessees of the same group dated 27.11.2018 pertaining to Assessment Year 2008-09. 2. The representatives of both the sides were heard at length, the case records carefully perused. Relevant documentary evidences brought on record carefully perused in light of Rule 18(6) of ITAT Rules. 3. Since common issues are involved in both these appeals, they were heard together and are disposed of by a common order for the sake of convenience and brevity. 4. The common grievances in both these appeals read as under: "1. That the Ld. CIT(A) has erred on facts and law in taking the total sales consideration as only Rs. 106 Cr. against the total consideration received by assessee and his associate com....
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....eferred to as 'The Act']. In addition to this, Rs. 30.41 crores was added as undisclosed income admitted by the assessee. Thus, total income was computed as under: a) STCG Rs. 79,71,38,532/- b) Undisclosed income admitted Rs. 30,41,00,000/- Rs. 1,10,12,38,532/- 8. STCG was computed as under: Sr. No. Particulars Amount (Rs.) i) Full value of consideration on alleged transfer of 85% share in M/s Trishul Industries by appellant company and M/s MDLR Estates Ltd. 178,42,77,063 ii) Full value of consideration on alleged transfer of 42.5% shares in partnership firm Trishul Industries by the appellant company 89,21,38,532 iii) Less: Cost of acquisition 9,50,00,000 iv) Sho....
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....ilders (P) Ltd. (8,00,000) 11. Expenses paid out of money received 50,000 Total 106,01,00,000 xvii) It is apparent from record that sum of Rs. 45.50 crores stands received in the case of appellant, Rs. 47.12 crore in the case of MDLR Estate (P) Ltd and Rs. 3 crores has been added to tax in the hands of Gopal Kumar Goyal and addition confirmed by CIT(A). Relevant findings of the CIT(A) in the case of Gopal Kumar Goyal is as under: "As regards remaining credits the appellant had claimed the bank entries are as under:- S. No. Date Narration as per Bank statement Amount Account No. 1. 27.11.2007 Trishul Industries chq 117674 1,00,00,000 056010100507561 2. 28....
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..... No. Particulars Amount(Rs.) i) Sale consideration 53,20,00,000 ii) Less: Investment 9,70,52,500 iii) Income 43,49,47,500 To sum up, the income of capital gain as already been declared in the return of income. Therefore, no further addition is warranted. xxi) Having regard to the foregoing, the amount taxable as sale in the hands of the appellant is Rs. 53.20 crores which is the sum declared by the appellant as income from Trishul Industries." 10. To summarize the findings of the ld. CIT(A), capital gain was computed as under: Sale consideration Rs. 53,20,00,000/- LESS: Investment Rs. 9,70,52,500/- Income Rs. 43,49,57,500/- 11. As regards addition of Rs. 30....
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....ain arose as sum received by the assessee as partner on retirement from partnership firm and, therefore, the same is exempt u/s 10(2a) of the Act. 15. This Tribunal, in ITA No. 8214 & 8215/DEL/2018 vide order dated 11.06.2019, held as under : "24. We have considered the rival arguments made by both the sides, perused the orders of the authorities below and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the Assessing Officer in the instant case brought to tax an amount of Rs.79,71,38,532/- being short term capital gain on account of transfer of shares in the partnership firm M/s. Trishul Industries by the assessee company to M/s. Vatika Limited. The argument ....