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2013 (2) TMI 74 - HC - Income TaxAgreement to sell - six cheques received in lieu of earnest money - failure to pay the balance consideration and the respondent/ assessee sent a notice of forfeiture - forfeited amount of Rs.18 crores was shown as advance received from the property in the balance sheet of the respondent/ assessee and not been offered for taxation in the relevant assessment year - AO not satisfied made a reference to ACIT u/s 144 - Held that:- Appellant/ revenue sought to invoke the provisions of section 56(2)(vi) however, find that this plea had not been raised before the Tribunal. Consequently, such plea of revenue cannot be entertained. Even otherwise, before a plea based on section 56(2)(vi) can be taken, a foundation has to be laid that the transaction was without any consideration. No such foundational plea had been taken before the Tribunal. Apart from this the Tribunal has rightly noted that the provisions of section 51would come into play as it specifically covers this type of a transaction. Once the transaction has been held to be genuine, there is no question of the transaction being without any consideration. Consequently, no merit in the revenue’s appeal, much less any substantial question of law for consideration - in favour of assessee.
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