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2021 (3) TMI 529 - HC - Income TaxAdditions on account of short term capital gains - slump sale - assessee could not produce any documentary evidence - whether Tribunal was right in holding that the disallowance made on account of short term capital gains charged on account of slump sale are not proper even though the assessee could not produce any documentary evidence? - HELD THAT:- Revenue has not specifically doubted the transaction and therefore, the Tribunal has come to the conclusion that the order passed by the Commissioner of Income Tax (Appeals) is proper and that of the Assessing Officer is erroneous. The payments made by Shri Chakkubai and Shri Dhanapal, as part of cost of acquisition, after having found that the entire consideration has been considered in the hands of the assessee company. While passing the assessment order, the Assessing Officer had erroneously left out some of the entires which necessitated the Commissioner of Income Tax (Appeals) to interfere with the assessment order. The order passed by the Cit (Appeals) is just and proper. Considering all these aspects, the Tribunal has rightly confirmed the order passed by the Commissioner of Income Tax (Appeals). Retention money withheld - whether to be allowed even though the liability on account of it had nto crystallized during the present assessment year?" - HELD THAT:- In view of the Judgment reported [2020 (7) TMI 754 - MADRAS HIGH COURT] the 2nd question of law is decided in favour of the assessee and against the Revenue.
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