TMI Blog2015 (4) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of sec.40A(2)(b) cannot be made applicable on a transaction claimed as deduction against capital gain. Revenue did not produce any material to controvert the findings of fact recorded. Whether the transaction could be termed as dubious or not? would essentially require the exercise of fact finding inquiry. The material appears to have been re-appreciated by the C.I.T. (Appeals) and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following question:- Whether the Income-tax Appellate Tribunal s order is perverse in fact and in law in upholding the decision of the CIT(A) in deleting the addition of ₹ 57,20,000/- claimed by the assessee towards cost of improvement and added by the AO treating the same as not an expense incurred in connection with the transfer of the capital asset in question but payments made wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to vacate the land prior to the completion of the lease period. (3) That M/s. Gujarat Steels Pipes had carried out certain construction on the land and had borne the expenditure on account of the same. (4) That the tenant had to bear certain cost on account of shifting after vacation from the said land to another premises. (5) That the tenant had to bear inconvenience on account of shi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I hold that the disallowance of ₹ 57,20,000/- of compensation paid to the tenant is not justified and is deleted. 4. The aforesaid shows that in the appeal, disallowance of the amount of ₹ 57,20,000/- paid as compensation to the tenant was found as not justified and was ordered to be deleted. 5. The Tribunal, in the further appeal, after considering the abovereferred reasons re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the transaction of payment of compensation was genuine and disallowance was not proper. When the Revenue did not produce any material to controvert the said findings of fact before the Tribunal and if the Tribunal has confirmed the said finding, it cannot be said that such finding of fact is perverse, as sought to be canvassed nor it can be said that any substantial question of law would a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
