2014 (6) TMI 1073

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....Mehta. ORDER P.C. : This Appeal challenges the order passed by the Income Tax Appellate Tribunal on 6th October 2010 dismissing the Appeal of the revenue. 2 The concurrent finding of fact is termed as perverse by Mr. Malhotra. He submits that this Appeal raises substantial question of law. He submits that the issue of applicability of Section 28 (iv) of the Income Tax Act, 1961 ought to have ....

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....00/­as an advance. In these circumstances, when there was serious doubt with regard to the said transaction stated to be evidenced by an Memorandum of Understanding, then, the claim was rightly disallowed. Such finding of fact should not have been interfered with merely because another view was possible. Mr. Malhotra submits that the reliance by the Tribunal on its own order in the case of M/s....

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....ent rights. Thus, the assessee acquired rights in the property and thereafter executed these Memorandum of Understandings, assigned development rights and that is in relation to various plots of land at Kalyan taluka, District Thane. The Assessee received payment of Rs.62,52,000/­ by various cheques. The balance sum of Rs.1,74,49,000/­ was not received in terms of the Memorandum of Underst....

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....ay apply. The circumstances in which the Memorandum of Understanding was executed, the sum received have been noted. The property in question was shown as reserved in the development plan by Kalyan Dombivali Municipal Corporation. There were several efforts made to have these properties released. However, the Memorandum of Understanding was not withdrawn nor cancelled. In such circumstances, the A....