2022 (6) TMI 1369

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.... and facts in deleting the addition of Rs. 12,27,36,985/- made by the AO by holding that no capital asset was transferred by the assessee. 3. On the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law and facts in inferring that no property is transferred to M/s. Unitech Ltd. but it was only a symbolic possession of a land for specific purposes. 4. On the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law and facts in inferring that the agreement entered into with M/s Unitech was without consideration, inspite of the fact that the assessee has taken advances of Rs. 24 Crores form the collaborator without any interest against Golf Course Club, duly reflected in Schedule-7 of the audite....

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.... from fixed assets to stock in trade and invoking the provisions of section 45 (2) of the Act. The AO was convinced that a transfer of capital assets has taken place as per agreement Unitech has also been given the right to develop, design and maintain a retail Mall of 2 lac square feet on revenue sharing basis with assessee and it has been given sole and exclusive responsibility of the project including the Golf Cottages and complete operational freedom for all these, assessee would be paid a certain amount of money according to Revenue sharing formula appended to the agreement. 6. The AO was of the further belief that exclusive rights that the assessee enjoyed in the capital assets have been reduced by at least 50% in favour of Unitech a....