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2019 (1) TMI 534 - AT - Income TaxEnhancement of income - assessee has paid only ₹ 1 Crore and it received property to the extent of ₹ 12.5 Crores, therefore, the balance of ₹ 11.5 Crores added as income of the assessee - dispute between the parties in regard to sale of property - compromise order / decree by HC - Shri Kamalesh Kumar Sheth and Shri S. Venkataramanan have to pay ₹ 14.5 Crores to the assessee-company. Out of which, ₹ 12 Crores has to be paid on or before 31st March, 2013 and the balance ₹ 2.5 crores shall be paid in equal monthly instalments Held that:- This Tribunal is of the considered opinion that when the High Court passed an order directing Shri Kamalesh Kumar Sheth and Shri S. Venkataramanan to pay ₹ 14.5 Crores, the CIT(Appeals) or any other officer of the Department cannot go beyond the judgment of Madras High Court. In lieu of payment of ₹ 14.5 Crores, Shri Kamalesh Kumar Sheth executed a sale deed for ₹ 12.5 Crores and the balance has to be paid by Shri Kamalesh Kumar Sheth and Shri S. Venkataramanan. The judgment of Madras High Court clearly says that Shri Kamalesh Kumar Sheth and Shri S. Venkataramanan are jointly or severally liable to pay the money. In compliance with the direction of the High Court, Shri Kamalesh Kumar Sheth executed the documents for discharge of his liability. Therefore, the CIT(Appeals) is not justified in enhancing the assessment by holding that the assessee has paid only ₹ 1 Crore and it received property to the extent of ₹ 12.5 Crores, therefore, the balance of ₹ 11.5 Crores as income of the assessee. - Decided in favour of assessee.
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