TaxTMI 
TaxTMI 
2024 (9) TMI 1046
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....53,50,00,000/-, M/s. Maa Durga Coomotrade Pvt Ltd., took loan of Rs. . 20,00,00,000/- and M/s. Navadurga Industries Ltd., took loan of Rs. .33.07 crores. (These are the details as has been provided by the ld AR on behalf of the assessee). The said companies did not pay the loans in time. The loans were taken from SREI Equipment Finance ltd., wherein, the assessee had stood guarantor for the loans and had consequently mortgaged certain immovable properties owned by her to SREI Equipment Finance ltd. As these companies had not repaid the loans, SREI Equipment Finance ltd., took over immovable properties, which were mortgaged by the assessee as the guarantor for the repayment of the loans. The issue in appeal is in regard to levy of capital gains on the takeover of the immovable properties of the assessee by SREI Equipment Finance ltd., which were mortgaged as the security against the loans. Ld AR has placed before us the copy of the sale deed by which SREI Equipment Finance ltd., has taken over the immovable properties. The sales consideration in the said documents is Rs. .1,89,13,000/-. It was the submission that the assessee did not receive even a single pie out of the said amount ....
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....5 Dy.CIT v. Mrs. Lakshmi M.Aiyar (2011) 131 1TD 436 (Mum) 11 16 E. D. Sassoon & Co. Ltd. vs. CIT [1954] 26 ITR 27 (SC) 4 17 Godhra Electricity Co. Ltd. vs. CLT 225 ITR 746 (SC) 2 18 Gujarat Municipal Finance Board vs. Dy. CIT (Assessment) 221 ITR 317 (Guj.) 6 19 Indermani Jatia vs. CIT 35 ITR 298 (SC) 5 20 K. | P. Varghese vs. ITO 131 ITR 597(SC) 6 21 K.A. Ramachar v. CIT [1961] 42 ITR 25 (SC) 24 22 K.A. Ramachar v. CIT [1961] 42 ITR 25 (SC) 5 23 Moti Lal Chhadami Lal Jain vs. CIT [1991] 190 ITR 1 (SC) 16 24 Murlidhar Himatsingka v. CIT [1966] 62 ITR 323 (SC) 24 25 Nariman B. Bharucha's case (1981) 130 ITR 863 (Bom) 9 26 P. C. Mullick vs. CIT [1938] 6 ITR 206 (SC) 13 27 Poona Electric Supply Co. Ltd. vs. CIT [1965] 57 ITR 521 (SC) 2 28 Raja Bejoy Singh Dudhuria vs. CIT [1933] 1 ITR 135 (SC) 13 29 Rajkot District Gopalak Co-op. Milk Producers' Union Ltd. vs. CIT 204 ITR 590 (Gujarat) 5 30 RSM & Co. Vs. Addl. CIT (2010) 125 ITD 243 (Mum.) 24 31 Shroff Eye Centre vs. ACIT (ITAT Delhi) 20 32 Somaiya Organo Chemicals Ltd. vs. CIT....
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....erits. The taxation of Capital Gain under the Income Tax Act, 1961 is governed by the provisions of section 45 (charging section) and Section 48 (Mode of Computation). As per the provisions of section 45 r.w.x. section 45 Capital gain is levied when there is transfer of Capital Asset and consideration is received or accrued by virtue of such transfer. However, in the instant case even though the Capital Asset has been transferred but consideration was neither received nor accrued to the assessee. Hence, the Income is not taxable under Capital gain as consideration never received or accrued to the assessee. That apart, Capital Asset of the assessee is mortgaged to lenders to extend loan to Group Companies. As the loan became bad, the Capital Asset was transferred to lenders by execution of the Sale Deed without any monetary exchange. Since the asset was transferred to lenders without any monetary transaction falls under the principle of "Diversion of Income by Overriding Title". As the Income is diverted at source the said income is not real hence not subjected to tax. 2. The Ld. CIT (Appeals) mis applied the ratio decidendi of CIT v. Attilli N. Rao 252 IT....
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.... The Hon'ble Supreme Court in the case of Bodridas Daga vs. Commissioner of Income Tax. 34 ITR 10 (SC) had allowed 'loss on embezzlement', though not an expenditure, as a deduction on the principle of real income theory. This theory is propounded more particularly when there is no assistance in the form of law, so that tax was levied on real income and not on hypothetical income, either on the basis of the entries in the books of account or otherwise. There are many grey areas as to whether a particular receipt is income or a particular payment is a revenue expenditure on which a decisive answer was not forthcoming. The concept of real income is often invoked to decide the issue one way or the other. Courts have used this concept for ensuring that what is taxed is nearly real as possible within the constraints of statutory limitations. The concept of real income, i.e, what is to be subject to tax is only the real income and not income in the hypothetical sense, has been established for a long time. In Poona Electric Supply Co. Ltd. vs. CIT [1965] 57 ITR 521 (SC) it was held that tax is exigible only on income earned in reality. Even if entries are made in the books of a....
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.... the year of closing, an income which has accrued cannot be made 'no income'. In this connection the following proposition emerge: (i) It is the income which has really accrued or arisen to the assessee that is taxable Whether the income has really accrued or arisen to the assessee must be judged in the light of the reality of the situation (ii) The concept of real income would apply where there has been a surrender of income which in theory may have accrued but in the reality of the situation no income had resulted because the income did not really accrue (iii) Where a debt has become bad, deduction in compliance with the provisions of the Act should be claimed and allowed (iv) Where the Act applies, the concept of real income should not be so read as to defeat the provision of the Act. (v) If there is any diversion of income at source under any statute or by overriding title, then there is no income to the assessee. (vi) The conduct of the parties in treating the income in a particular manner is material evidence of the fact whether income has accrued or not. (vii) Mere improbability of recovery, where the con....
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....which the assessee possesses a right and not any other thing. In Somaiya Organo Chemicals Ltd vs CIT 216 ITR 291, the issue considered by Bombay High Court was whether the cess collected and kept in a separate bank account as per the statutory order and to be utilized for a particular purpose, was income in the hands of assessee? It was held that the statutory levy could not be equated as the 'real income' of the assessee. In Rajkot District Gopalak Co-op Milk Producers Urion Lid vs. CIT 204 ITR 590, the question which fell for consideration was whether income of the project assigned to a Co-operative Society on lease and license basis and profits of which were to be paid to the State Governmem, could be treated as 'income' of the assessee? It was held that the entire income belonged to the Government and it could not be treated as the income of the assessee and was thus not taxable. Similarly, in CIT vs. Pepur Round Transport Corpn 253 ITR 303 (Prom & Har), the Court considered the question as to whether the amount forfeited by the employer out of the provident fund where it was categorically mentioned that the said amount belonged to the Trust, was mcome of the as....
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....by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- ------------------------ From conjoint reading of both the sections it is apparent that the assessee shall be liable to pay tax from Income under the Head Capital Gain only when the following conditions are fulfilled; i) Asset should be a Capital Asset; ii) There should be a transfer; and iii) Consideration is received or accrued as a result of the transfer of Capital Asset. In the instant case, first two conditions were met whereas the last condition is not fulfilled. The Consideration was neither received nor accrued in the hand of the assessee as the asset was transferred by virtue of a contractual obligation overriding the income. At this juncture, it is of paramount significance to understand the provision of law particularly under the Income Tax Act regarding "Diversion of Income by Overriding Title". One of the fundamental principles of taxation is to tax income accruing or deemed to accrue in favour of the taxpayer. The concept of diversion of income and app....
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....property as a gift to another person may create a charge that the recipient is eligible to enjoy the property and its income subject to satisfying certain conditions. The conditions could be to pay a specified sum to a particular person at periodic intervals or to share the rental income from the property with a particular person for a particular period of time. In Nariman B. Bharucha's case (1981) 130 ITR 863 Shri. Nariman Bharucha running a proprietary concern converted the same into partnership by admitting his two sons as partners and allotted 37.5 percent share to each son. The balance of 25 percent share of profit or loss was retained by him. The deed of partnership contained a recital that in the event of the demise of the erstwhile proprietor, the surviving partners have to pay 25 percent share of profits of the firm to the widow of the deceased partner (i.e. wife of erstwhile proprietor and mother of two surviving partners). It so happened that the erstwhile proprietor deceased and the firm paid 25 percent of profits to the widow of the deceased partner and claimed the same as expenditure. The claim of the assessee was negative by the revenue. The cou....
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....ome by overriding title exempts the actual recipient of income from tax consequences. However, the person to whom the income is diverted is chargeable to tax for the income so received by him. An interesting case of a recipient receiving such payment from a partnership firm was discussed in Dy.CIT v. Mrs. Lakshmi MiAiyar (2011) 131 ITD 436 (Mum). In this case, the assessee, a widow of deceased partner, became eligible for 5% of the gross receipts ofthe firm for a period of 10 years as per the condition laid down in the deed of partnership. She received a sum of I 20.26 lakhs in the financial year 2004-05 but did not offer the same as income for the reason that it is a capital receipt and did not have any semblance of revenue nature. The Tribunal held that the assessee had received the amount from the firm and such receipt was not in relation to any service or business done by her for the firm. It was not to compensate for any loss suffered by her because of the firm. Similarly, it is not a compensation for the services rendered by her either in present or in future. The Tribunal applied the Circular No.573, dated 21.08.1990 which exempts lump sum ex-gratia payment....
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.... Say an income is received by the assessee and held in trust on behalf of its real owner, who acquires a title over the income before it reaches the hands of the assessee. This occurs when, by reason of a superior title or overriding obligation, voluntary or otherwise, income is diverted at the source itself and it never reaches the person whose hands it is sought to be assessed. The income earned by the assessee is really not his income, but belongs to somebody else and the assessee has no title to it. On the contrary, if the source is not assigned to, or transferred but passes through the assessee to an ultimate purpose, the case is of application of income in a particular manner. Even though he may enter into a legal obligation to apply it in a certain way, still it remains the income of the assessee. This distinction has been maintained by Hon'ble Supreme Court on numerous occasions. See for example Raja Bejoy Singh Dudhuria vs. ClT [1933J 1 ITR 135 (PC); P. C. Mullick vs. CIT [1938J 6 ITR 206 (PC); ClT vs. Sitaldas Tirathdas [1961J 41 lTR 367 (SC) and Vibhuti Glass Works vs. ClT [1989J 177 lTR 439 (SC). In the case of CIT vs. Sunil J Kinariwala [2003 J 259 ITR 10,....
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....r of taxability of any income which is generated from such an asset and thus, the same shall continue to be taxed in the hands of the person who transfers the asset. When income is said to be diverted by overriding title? The principle is simple enough but now and again, the question arises as to what is the criteria to determine, when does the income attributable to an assessee get diverted by overriding title? ]4 It may be difficult, in a particular case, to distinguish between what is an 'application' of income and what amounts to 'diversion'. The landmark case of the Supreme Court in CIT vs. Sitaldas Tirathdas (supra) is probably the best answer to this vexed question. A 3 Judge Bench of the Apex Court has wonderfully explained in what circumstances there is a diversion of income by overriding title and where the income can be said to have been applied after it is received by a taxpayer. The assessee in that case, claimed a deduction from his total income, the amount paid under a consent decree as maintenance to his wife and children. The assessing officer however disallowed said deduction, which was confirmed by the Commissio....
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...., what the above stresses is the nature of the obligation by reason of which the income becomes payable to a person other than the one entitled to it. The expressions 'reaches the assessee' and 'has been received have not been used in the sense of the income being received by one person or another. Where the obligation flows out of an antecedent and independent title in the former (such as, for example, the rights of dependants to maintenance or of coparceners on partition, or rights under a statutory provision or an obligation imposed by a third party and the like), it effectively slices away a part of the corpus of the right of the latter to receive the entire income and so it would be a case of diversion. On the other hand, where the obligation is self-imposed or gratuitous, it can be only a case of an application of income. See Moti Lal Chhadami Lal Jain vs. CIT [1991] 190 ITR I (SC) wherein the above has been laid down. Further, the appearing or non-appearing of a particular income in the books of account of un assessee is not a relevant criterion to determine the question of diversion of income As held by the Hon'ble Supreme Court, the expressions ....
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....ird person in discharge of the obligation of the assessee, it will be a case of application of income by the assessee and not of diversion of income by overriding title (ii) If income does not result at all, there cannot be a tax, even though in book keeping, an entry is made about the hypothetical income which does not materialize. (iii) The existence or absence of entries in his books of account cannot be decisive or conclusive in the matter (iv) The concept of 'real income' must be applied in appropriate cases but with circumspection and must not be called in aid to defeat the fundamental principle of law of income-tax as developed" Apart from the aforesaid submission, views expressed in AddL CIT vs Glad Investments (P.) Ltd (2006) 102 ITD 227 (Delhi) is in pari materia with the instant case. The relevant portions of the judgement are given below; We are now left with the argument of the revenue that constructively the assessee should be treated to have received the amounts of sale proceeds. It is argued that credit institutions sold the shares in question on behalf of the assessee and the sale proceeds were applied in dischar....
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....ally any consideration on sale of transfer accrued to the assessee, there was diversion of the entire consideration at source before it became income in the hands of the assessee. Further, reliance is placed on the judgements of ACIT Vs Emaar MGF Construction Pvt. Ltd (ITAT Delhi) ITA No. 928/Del/2016 and Shroff Eye Centre vs. ACIT (ITAT Delhi). For the sake of brevity, the relevant portions of the judgements are reproduced below; ACIT Vs Emaar MGF Construction Pvt. Ltd (ITAT Delhi) ITA No. 928/Del/2016 We find that the assessee is under the obligation to part away with the source of income to the holding company and it was not its volition alone, to give away the revenue that could have been otherwise accrued to them. An agreement entered into by the holding company with the assessee for providing financial security cover and to part away 25% sales proceeds was clearly a case of division of source of income between the holding company and the assessee. The flats to be constructed, by the assessee company were the source of income and the holding company had created a lien over 25% for a quid pro quo thereof and therefore took away 25% shares from the sale proceed....
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....ed CIT(A) holding that the agreement between the holding company as well as the assessee was not sham agreements. Accordingly, we dismiss the appeal of the learned assessing officer. Now we come to the appeal of the assessee. The coordinate bench has also dealt with the issue whether the payment of the disbursement income to the holding company was diversion of income by overriding title or merely on application of income. The coordinate bench has held in paragraph number 51 of the order of the coordinate bench. it has been held that the payment made to the holding company is obligated the in diversion of income by overriding title. The coordinate bench also after considering the contribution made by the holding company and keeping in view the amounts that have been already offered for taxation in the hands by the respective entities the above expenditure is allowable in the hands of the company. The relevant paragraphs as cited above that the revenue sharing agreement entered with the holding company by the assessee is a diversion of income by overriding title, we allow ground number one of the appeal following the reasoning given by the coordinate bench. Shroff ....
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.... case, but it is the nature of the obligation which is the decisive fact. There is a difference between on amount which a person is obliged to apply out of his income and an amount which by the nature of the obligation compote be said to be a port of the income of the assessee Where by the obligation income is diverted before it reaches the assessee, it is deductible, but where the income is required to be applied to discharge on obligation after such income reaches the assessee, the same consequence, in law, does not follow. It is the first kind of payment which can truly be excused and not the second The second payment is merely an obligation to pay another a portion of one's own income, which has been received and is since applied Accordingly, Hon'ble High Court held that there was an absolute obligation imposed on the continuing partners to hand over the commission to the retired partners and the income was diverted by overriding title. In a similar situation, in V. N. V Devarajulu Chetty and Co. v. CIT [1950] 18 ITR 357, Hon'ble Madras High Court held that that where a new firm which merely collected the money on behalf of the old firm and bank the same to....
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....ontractual obligation imposed on the continuing firm/partners in terms of clause 13 of the partnership deed executed on 1.4.2003, the assessee firm is required to pay the amount @2% of the gross receipts subject to maximum of 3 lacs pa to Mrs. Mehru Menoo Shroof and this amount being the first charge on receipts of the continuing firm/partners, apparently, there would be a diversion of income by overriding title. Indisputably, a similar claim has already been accepted by the AO in the AY 2004-05 & 2006-07. In view of the foregoing, we have no alternative hut to allow ground no.2 in the appeal. Concluding the above, it is, therefore, submitted that on the facts and in the circumstances of the case, documents/evidences submitted in respect of the transactions it is evident that there is "Diversion of Income by Overriding Title" hence the assessee is not exigible to tax under the Income Tax Act. 2. The Ld. CIT (Appeals) mis applied the ratio dicidendi of CITY. Attilli N. Rag 252 ITR 880 (SC) and T.S. Hajce Moosa & Co Vs. ACIT (ITAT Chennai) in the Appeal Number: ITA No. 2686/CHNY/2018 which is squarely not applicable to the instant case. The Ld. CIT (Appeal)....
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....er of the Tribunal, the questions aforestated were placed before the High Court for its consideration. The High Court observed that the undisputed fact was that the immovable property was mortgaged to the State Thereby, an interest in the property was created in favour of the State When the immovable property was sold by public auction, its value had to be reduced to the extent of the interest that was created in favour of the State by reason of the mortgage 8. We are of the view that the Tribunal and the High Court were in error. What was sold by the State at the auction was the immovable property that belonged to the assessee. The price that was realised therefore belonged to the assessee. From out of that price, the State deducted its dues towards "kist" and interest due from the assessee and paid over the balance to him. The capital gain that the assessee made was on the immovable property that belonged to him. Therefore, it is on the full price realised (less admitted deductions) that the capital gain and the tax thereon has to be computed. 9. In these premises, the first question is answered in the negative and in favour of the Revenue The other questions do....
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....e instant case, assessee's income is diverted at source without any consideration received or accrued, it is not really the income of the assessee but is somebody else's income. It is, thus, clear that whereby the obligation income is diverted before it reaches the assessee, it is deductible. Hence, factual matrix of the cases cited by the Ld. CIT (Appeal) is not applicable to the instant case as there is no consideration amount accrued or received by the assessee. RELIEF Wherefore in the light of facts presented, issues raised, arguments advanced and authorities cited, the Counsels on behalf of the Appellants humbly pray before this Hon'ble Tribunal that it may be pleased to adjudge and declare that 1. The appeal is allowed 2. The decision of the Ld. CIT (Appeal) to be set aside. Or pass any other order that the court may deem fit in the light of equity, justice and good conscience and for this Act of kindness of Your Lordships the Appellants shall ax duty bound ever pray." 4. In reply, ld Sr DR submitted that the assessee has transferred the immovable properties as per the sale deed. In the sale deed, consideration is said to ....
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....Ltd., is as follows: 9. In the case of M/s. Maa Durga Commotrade Pvt Ltd., the assessee holds 15,000 shares out of 41,400 shares. The shareholding pattern is as follows: 10. In M/s. Nava Durga Industries Ltd., the assessee holds 3,65,454 shares out of 45,12,719 shares and the shareholding pattern is as follows: In this company also, some of the group companies holding shares in which assessee has shares. 11. The assessee is the Director in all the companies. After taking these loans in around September, 2014, the sale deed has been executed leading failure on the part of the company to repay the loans on 31.3.2015 i.e. practically after giving loan within the same financial year, the properties which were held as guarantee was taken over by the lender. For better understanding, copy of the sale deed in its entirety is as follows: 12. A perusal of the sale deed shows that there is no mention in the sale deed that the transfer of the immovable properties was on account of the enforcement of the guarantee clause. The recital to the sale deed refers to the urgent need of money for repayment of loan amount. The recital to the sale deed also clearly mentions that considera....
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.... the guarantor's immovable properties has been acquired by the financial institution in this short period of time. It is an admitted fact that before giving loans, the financial institution would look for financial stability of the various companies but how such loans was granted knowing fully well or evident that the companies would sick. Even assuming that what is claimed by the assessee is true what normally happens is when the immovable properties of the guarantor is taken over by the financial institution against the loans of the company for which guarantor has stood guarantee. The guarantor steps into the shoes of the financial institution as a creditor in the books of account of the company, who has taken said loans. A valuable right accrues and is acquired by the said guarantor. The claim of the assessee that she has received no consideration or benefits would not stand to reason insofar as the assessee is a Director and that too having substantial shareholding pattern in all the said companies. She would have received salary and other benefits from the said companies. Thus, when she steps into the shoes of the financial institution to the extent of the loan, which has been....
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....ttack Jagatpur Tang Cuttack Jagatpur 936 Maa Durga Thermal Power Company Ltd. Loramitra Rath Cuttack Jagatpur 936 Maa Durga Thermal Power Company Ltd. Loramitra Rath Cuttack Jagatpur 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath Cuttack Jagatpur Cuttack Jagatpur 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath Cuttack Jagatpur Tang Cuttack Jagatpur 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath Cuttack Jagatpur 411 Maa Durga Commotrade Pvt Ltd Loramitra Rath Cuttack Jagatpur 691 Maa Durga Thermal Power Company Ltd. Loramitra Rath Cuttack Jagatpur @xxxxxxxxxxxxxxxxxxxxxx Tang Tang Tang Tang Tangi-Choudwar Tang-Choudwar Gharabar Tang-Choudwar Gharabarl Tang-Choudwar Gharabar Tang-Choudwar Gharabari Tang-Choudwar Gharaba Tang-Choudwar Gharabari Teng-Choudwer Gharabari Tang-Choudwar Gharabari Tangi-Choudwar Gharabart Ban Tangi-Choudwar Gharabari Bani Tang-Choudwar Gharabar Bani Tangi-Choudwar Gharabar Bani Tang-Choudwar Ghar....
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....ave not created any trust in respect thereof and that the said Immoveable properties are in my exclusive uninterrupled and undisturbed passosalon and enjoyment since the mate of curch/arquion of situaran claim have been made against or any of there or any on LIVE Pat ses muddy anal fation or quination, and Act. 1861, Public Demands Recovery Act or under any other saw in forc in india fer the time being and that no notice has been received or served upon myself under Rules 2. 10. 21 and 61 of the Second Schecuse to the income Tax Act. 1901 and/or under any other law end that there are no ponding attachment winetsoever issued cr Initiated against the said immoveable properties or any of them or any part thereof. 114 Mits Wall NOTARY PUBLIC Bhubaneswar Regd. No-ON-92/2009 Mcb- 9437284969 I have duly paid all rents, royalties and all public demands, including but not limited to income tax and all other taxes and revenue payable to, the Government of India or to the Government of any State or to any local authority and that at present there are no arrears of such dues, rents, royalties, taxes and revenues due and outstand....
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.... properties. 12. We further, hereby spice a OTARY A.K. PRAD BHUBANESWAR EXPIRY DAYS (a) Without my concurrence, SEFL shall be at liberty to vary, alter or modify the terms and conditions of the Loan Agreement executed by the Customer/Borrower and in particular to defer, postpone or revise the repayment of the Facility and/or payment of interest and other monies payable to SEFL on such terms and conditions as may be considered necessary by SEFL including any revision in the NOTATY PUBLIC Bhubaneswar Regd. No-ON-92/2009 9437284969 rate of interest. SEFL shall also be at liberty to a spense wor release all or any of the security/securities furnished or required to be furnished to SEFL to secure the Facility. I, also agree that the liberty under the security documents shall in no manner be affected by any such variations, alterations, modifications, waiver, dispensation with or release of security and that no further consent on my behalf is/would be required for giving effect to any such variation, alteration. modification, waiver, dispensation with, or release of security, (b) SEFL shall have full liberty, without no....
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..... Monza Tahsil Than Area (1) Cuttack (2) ༣༠151,52,53 488 $3,108,6 Boni Tangi Tayi 3895 188 Narendrapus Tayi Tayi 2.25 857 61년 TAR A.K. PRADHAN BHUBANESWAR REGD. NO ON-52/2009 EXPIRY DATE 19.5.2019 OF C Idem Mit Ret [INSERT DETAILS OF IMMOVEABLE PROPERTIES] together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future. Document 3 ANNEXURE-A-6 (106) Maa Durga Thermal Power Company Ltd Cadd Center Building, 2nd Floor, Press Chhak, Madhupatna, Cuttack 753010, Odisha Details of ERSTWHILW SHARE HOLDING SL NO NAME OF THE SHARE HOLDERS No.of Shares Allotted 1 Atulya Dash 2 Cethar Energy Ltd 3,70,000 59,33,330 3 DNA Financial Consultants Pvt.Ltd. 15,33,332 4 Hotel Padma 1,50,000 5 Lora Mitra Rath 17,53,333 6 Maa Durga Commotrade Pvt.Ltd 16,66,667 7 Maa Durga Flour Mills (P) Ltd. 62,96,667 8 Maa Durga Rice Processing & Exports (P) Ltd. 11,00,000 9 Maa Durga Rice Product (P) Ltd.....
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....adhusmita Satapathy 1,363 29 Mohan Behera 2,272 30 Prafulla Kumar Kar 2,272 31 Pramod Kumar Pani 2,272 32 Pravakar Swain 2,272 33 Pravat Kumar Swain 1,818 34 Rabi Narayan Panda 2,272 35 Rabindra Kumar Sahu 2,272 36 Radhakrushna Mohanty 1,818 37 Rahas Kumar Pati 2,272 38 Ramesh Kumar Sahoo 2,272 39 Ranjan Barik 2,272 40 Ranjit Kumar Panda 2,727 41 Sahadev Mohanty 2,272 42 Sarat Chandra Mishra 1,818 43 Subas Sahoo 2,272 44 Tapan Kumar Sahoo 2,727 Grand Total 45,12,719 Document 6 883 (431500884) Registered in Ro (24) 345700 0945700 31.5.2015 501007 856 D Sub Registrar Proper Officer Jagatpur e-Registration 1.D. o...24.... -Registration Document No No 256 Date 31:9.15 for the year 15 2 sochistering Offical agatpur $. 278260 50- 1800 SALE DEED 378765 ************* This Sale Deed is executed on this the 31" day of March, SMT 2015. BY LORAMITRA RATH, aged about 38 years, Wo Sri Prasanta Ch. Rath, by Caste: Barhmin, by Profession Business, At:....
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....thorized signatory MR. PRASANT NATH, aged about 51 years. S/o. Late B. Nath. by Caste Brahmin, by Profession: Business, thereinafter referred to as the "SREI", which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns) here in after referred to the VENDEE PURCHASER which expression shall include the legal heirs, successors, representatives and assignee of the SECOND PARTY. NATURE OF DOCUMENT: Sale Deed. Print Endorsement ERSANT NATH REPRESENTED BROUGH ITS UTHORIZED SIGNATORY FOR S EQUIPMENT NACE LIMITED Si/Elle Opaty signed by PARIDA Date 2019.10 1723 Lora Meth Relt Mounta Page 2 31-Mar-2015 240033001 dentified by HRUDANANDA JENA Son/Wife of GAJENDRA JENA of SAME PLACE by profession Business Naaie ANANDA Photo Thumb Impression 39733209 Signature Date of Admission of Execution 31-Mar-2015 Date: 31/03/2015 Signature of Registering officer Endorsement of certificate of registration under section 60 Registered and true copy filed in office of the Sub-Registrar, JAGATPUR Buak Number : 1 || Volume Numb Document ....
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....r shall be vested upon the vendee from today and the vendors do hereby delivered the peaceful/vacant possession of the land in favour of the vendee/purchaser from today NOW THIS DEED OF WITNESSES AS FOLLOWS :- 1. That in pursuance of the aforesaid sale, the vendor do hereby grants sale, conveys and assures unto the purchaser, the aforesaid land and the successors of the present purchasers administrators and assignees that all the rights, title, interest and possession of the schedule below property, the land have passed to the purchaser who shall use and enjoy the same as absolute owner thereof. 16 Love Met Belt 2. That from to day the vendor seller have delivered possession of the Schedule below property physically to the purchaser/vendee and the purchaser shall get the land mutated in his name in all official and Tahasil and Revenue records in- view of the sale deed. 3. That the vendee/purchaser and his legal heirs, successors representative shall use and enjoy the property by constructing roads/buildings as per this own sweet without any objection from vendors or his legal heirs. That the rights, title, interes....
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....S No.47, Tahasil: Tangi-Choudwar, Mouza: Bani, Sitiban Khata No.123/3 (One Hundred Twenty Three / Three), Sale Full Plot No.85 (Eighty Five), Kissam : Sarada Jala Two, A0.20dec. (Twenty Dec.) is annual rent Rs. 1.20paisa. 2 Districi Cuttack, S.R.O: Jagatpur, P. S: Tangi, P.S No.47, Tahasil: Tangi-Choudwar, Mouza : Bani, Sitiban Khatal No.43 (Fourty Three), Sale Full Chhaka No.89 (Eighty Nine), Sale Chhaka Plot No.134 (One Hundred Thirty Four), A0.53dec. (Fifty Three Dec.) is annual rent Rs.4.30paisa. 3. District: Cuttack, S.R.O: Jagatpur, P. S Tangi, P.S No.47. Tahasil: Tangi-Choudwar, Mouza: Bani, Sitiban Khata No.119 (One Hundred Nineteen), Sale Full Chhaka No.127 (One Hundred Twenty Seven), Sale Chhaka Plot No.184 (One Hundred Eighty Four), A0.44dec. (Forty Four Dec.) is annual rent Rs.4.80paisa. # 10 V3M5 Digitals seat by PA NIRANJANA Oute 2015 1735 Lora Met R 4. District: Cuttack. S.R.O: Jagatpur, P. S Tangi P.S No.47. Tahasil: Tangi-Choudwar, Mouza: Bani, Sitiban Khata No.10 (Ten). Sale Plot No. 142 (One Hundred Forty Two), Kissam Gharabari, A1.04dec. (One Acare Four Dec.) Sale Plot No.164 (One H....