2023 (6) TMI 818

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....by the A.O. on account of the additional compensation of land received by the assessee from HUDA." 3. The learned Senior DR pressing into service sole ground of revenue submitted that the AO in para 8.2 of assessment order rightly held that the assessee company was the legal owner of the land acquired by the HUDA it was not under legal obligation to transfer the same to Orris Infrastructure P. Ltd. (OIPL). The learned Senior DR also submitted that in said para the AO recorded categorically findings that the claim of assessee that the land acquired by HUDA is pertains to OIPL does not have any locus standai. The learned DR submitted that therefore the AO was right in treating the entire enhancedd compensation received by the assessee comp....

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....appellant company to develop the said land due to its financial and infrastructure constraints. In this situation another company Orris Infrastructure Pvt. Ltd. (OIPL) approached appellant company for developing residential colony on the land owned by appellant. Collaboration agreements dated 25.10.2007 and 26.10.2010 were entered between appellant company and OIL and executed with regard to the construction and development of the above land. Perusal of the agreement reveals that the appellant transferred its entire right pertaining to the impugned land irrevocably. This also included the right to receive additional compensation from HUDA. This is clear from clauses 2 and 3 of the above agreement, where it is clear that the appellant has tr....

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.... The Ld. CIT(A), from the said collaboration agreement, noted that the appellant had transferred its entire rights pertaining to the land in question irrevocably. The rights given by the appellant to OIPL also include the right to received addition or enhanced compensation from HUDA and this fact found fortified from the clauses 2 & 3 of collaboration agreement where it was made clear by the assessee and the OIPL i.e. parties to the collaboration agreement that the appellant has transferred all its right in respect of land and has given full authority to the OIPL. After evaluation and examination of said fact the Ld. CIT(A) concluded that the enhanced compensation received by the assessee company from HUDA was also transferred to OILP in ac....