TaxTMI 
TaxTMI 
2024 (12) TMI 1262
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....and in law, the Ld.CIT(A) has erred in deleting the addition of Rs. 37,65,51,700/- made by the Assessing Officer on account of denial of exemptions on transfer of leasehold rights in respect of land and building". "That the appellant craves leave to add, amend, alter or forgo any ground/(s) of appeal either before or at the time of hearing of the appeal". 3. Brief facts of the case are that, the Assessee filed return of income declaring income of Rs. 52,48,30,080/- assessment proceeding was completed u/s 143(3) of the Income Tax Ac, 1961 ('Act' for short) vide order dated 30/09/2021 by computing the income of the Assessee at Rs. 146,03,74,830/- by disallowing an amount of Rs. 55,89,93,050/- u/s 14A of the Act and also made addition of Rs....
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....le on record. The Assessee Company acquired lease hold rights on Plot No. 25/3, Knowledge Park-III, Gr. Noida, District Gautam Budh Nagar (UP), from Greater Noida Industrial Development Authority for construction of an aviation training Centre. As per the said lease deed, with prior written permission of the Greater Noida Industrial Development Authority, Assessee has right to transfer the lease hold right to an institution whose activities are similar to those for which the Plot has been allotted. The Assessee had transferred the lease hold rights in the Plot along with the ownership interest in the building/structure constructed thereon to InterGlobal Education Services Ltd. for an aggregate consideration of Rs. 46,07,78,600/- and the sai....
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....l Education Services Ltd. as consideration for the said transfer. 9. As per Section 47(iv) of the Act if the transfer of a capital asset by a company made to its subsidiary company cannot be regarded as transfer and nothing contained on Section 45 of the Act shall apply if the parent company or its nominee holds entire share capital in the transferee subsidiary company; and the subsidiary company is an Indian Company. For the sake of ready reference Section 47(iv) of the Act is reproduced as under: - "Transactions not regarded as transfer. 47. Nothing contained in Section 45 shall apply to the following transfers: ............................. (iv) any transfer of a capital asset by a company to its subsidiary company, if___ (a) ....