2022 (11) TMI 1413

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....itted on 28th November, 2011 on the following substantial questions of law: (i) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in holding that the sum of Rs. 20,91,38,000/- should not be treated as part of the consideration for sale of membership card but compensation received in the nature of capital receipt not liable to tax ? (ii) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in holding that the compensation received was for loss of source of Income and as such capital receipt not liable to tax ? (iii) Whether the sum of Rs. 20,91,38,000/- should be treated as part of sale consideration for transfer of membership car....

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....ayan Rai, learned Advocate for the appellant/revenue submits that he does not have any specific written instruction as to whether the appeal in ITA/127/2006 was filed challenging the very same impugned order in this appeal as the order passed in ITA/127/2006 dated 17th May, 2006 does not indicate the case number assigned to the matter by the Tribunal. Therefore, the learned senior standing counsel seeks time to get instruction from the department. In our considered view, keeping the first issue raised by the learned Advocate for the respondent as regards the maintainability of this appeal aside for the time being, if we peruse the order dated 21st November, 2011 in this appeal, a decision can be taken. For better appreciation, the order is....