2023 (2) TMI 530

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.... 1. Allowed, subject to just exceptions. W.P.(C) 950/2023 & CM No.3692/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1. Mr. Pratyaksh Gupta, advocate, who appears on behalf of Mr. Abhishek Maratha, learned senior standing counsel, accepts notice on behalf of the respondent/revenue. 3. Since Mr. Maratha is not present, we have requested Mr. Sunil Agarwal, learned senior standing counsel, who is present in court, to assist us in the matter. 4. Mr. Agarwal says that in view of the directions that we intend to pass, a counter-affidavit need not be filed in the matter. Therefore, with the consent of learned counsels for the parties, this writ petition is taken up for hearing and fin....

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....ides this, the transfer certificates in the prescribed form, i.e., Form SH-4, were also furnished. 9. The Assessing Officer (AO) has treated the LTGC said to have been earned by the petitioner, as income from other sources, and, accordingly, brought it to tax under Section 56 of the Act. 10. A perusal of the impugned order shows that there are two principal grounds on which the AO has reached the aforementioned conclusion. 10.1 First, a part of the consideration was received prior to the execution of the agreement to sell, i.e., 21.11.2020. The amount received prior to the said date is Rs.4,23,00,000/-. The balance amount was received after 21.11.2022; this was an amount equivalent to Rs.8,62,65,000/-. 10.2 Second, that upon not....