TaxTMI 
TaxTMI 
2026 (9) TMI 2021
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.... 2. Briefly stated, the facts of the case are assessee company filed its return of income for the Assessment Year 2017-18 on 30.10.2017 declaring a total income of Rs. 19,60,85,180/-. Subsequently, notice under section 143(2) of the Act dated 24.09.2018 was issued and served on the assessee. Thereafter, notices under section 142(1) of the Act dated 13.08.2019, 19.09.2019 and 04.11.2019 were issued and served on the assessee calling for details in connection with the reasons for selection of case for scrutiny. Further, a show cause notice dated 04.12.2019 was also issued to the assessee. In response, assessee furnished details as required in the notice issued. After examining the details furnished by the assessee, the learned AO noticed t....
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.... the assessee under capital gain. 3. On being aggrieved by the Order of the learned AO, assessee carried the matter before the learned CIT(A). Similar submissions were made before the learned CIT(A). The learned CIT(A) found the submissions as not tenable and upheld the Order of the learned AO by dismissing the appeal of the assessee. 4. On being aggrieved by the Order of the learned CIT(A), assessee is in appeal before us by raising the following grounds: 1) The impugned order passed by the Ld PClT is opposed to law, facts and circumstances of the case, and is liable to be quashed. 2) The Ld. ClT(A) erred in confirming the action of the Ld. AO in adding an additional Rs. 3,00,00,000/- to the chargeable capital gain ....
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.... the balance payment in accordance with agreement, entered into an MoU with the assessee by stating that he would find another buyer, subject to the condition that the assessee would receive Rs. 3 Crores as already agreed, and any amount realized in excess of that would be given to the intermediary. Accordingly, the property was sold for an amount of Rs. 6 Crores wherein the assessee received Rs. 3 Crores and the intermediary received Rs. 3 Crores. The assessee therefore declared Rs. 3 Crores as sale consideration while computing the long-term capital gain. He further submitted that Rs. 3 Crores amount paid to the intermediary is an obligation entered into under a prior agreement with the intermediary. He also submitted that the assessee re....
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....h Sree Venkateshwara Switchgear Pvt. Ltd., was subsequently cancelled on 31.08.2016 while registering the property in the name of Managing Director of Sree Venkateshwara Switchgear Pvt. Ltd. The sale consideration was recorded in the books of accounts and the amount pertaining to Shri. N. Radhakrishna was made through the bank account. It was also submitted that the expenditure incurred wholly and exclusively in connection with the transfer for removing / extinguish agreement holders' enforceable rights. The assessee has received the consideration under the original agreement and subsequently the property was conveyed to the nominee of the agreement holder. The Chennai Coordinate Bench of Tribunal in the case of T T Krishnamachari and Co. V....