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2014 (3) TMI 1082 - AT - Income TaxTaxability u/s 167B - nature of receipts derived by the assessee from the AOP - whether the amount received by the assessee from the AOP representing 35% of gross sale proceeds was a profit sharing arrangement as claimed by the assessee or it is a mere consideration in lieu of surrender of development rights in the land to RKC as observed by the Assessing Officer - Held that:- We find the Mumbai Bench of the Tribunal in the case of M/s Fortaleza Developers Vs. ITO [2014 (2) TMI 740 - ITAT MUMBAI] in the case of the AOP has categorically held that 35% share received by SPPL was not in the nature of overriding title to the revenue but is only share of profit of SPPL, therefore, respectfully following the above and in absence of any contrary material brought to notice against the order of the Tribunal the grounds raised by the assessee have to be allowed. - Decided against revenue
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