9911796707
TMI Blog2015 (4) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Hadade JUDGMENT : This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 13th June, 2012 passed by Income Tax Appellate Tribunal (the Tribunal) . 2 The Assessment Year (A. Y.) involved is A. Y. 200607. 3 The following question of law has been formulated by the Revenue for our consideration:" Whether on the facts and in the circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement provided for a compensation of Rs. 2.50 Crores as a consideration for surrender of tenancy by the RespondentAssessee. During assessment proceedings, the RespondentAssessee submitted that the tenancy of the premises was in the name of the partners individually and not in the name of the firm. The RespondentAssessee pointed out that the rented premises was alloted to Mr. Ratwani and Mrs. Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under Section 54EC of the Act. As an alternative, it was submitted that the benefits claimed on exemption under Section 54EC of the Act be extended to the Respondentfirm. The Assessing Officer did not accept either of the two submissions and brought to tax an amount of Rs. 2.50 Crores in the hands of the RespondentAssessee. 6 In Appeal, the Commissioner of Income Tax (Appeals) [CIT(A)] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... premises/ properties was always held by the partners and never by the firm. In view of the above, Appeal filed by the Revenue was dismissed by the impugned order dated 13th June, 2012. 8 Mr. Malhotra, learned Counsel appearing for the Revenue submits that the Tripartite Agreement found during the course of survey was entered into between landlord, RespondentAssessee and the builder. The individ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le business expenditure of the firm. Thus, both the CIT(A) and the Tribunal have come to a concurrent finding of the fact on examination of evidence that the tenancy of the rental premises belonged to the individual partners and not to the RespondentAssessee. It is also noticed that the amounts received by the partners in the individual capacity, was disclosed in their return of income claiming th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
