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2015 (5) TMI 728 - BOMBAY HIGH COURT

2015 (5) TMI 728 - BOMBAY HIGH COURT - TMI - Transaction in the nature of adventure - Computation of capital gain - amount received pursuant to the tripartite agreement - Tribunal termed that the amount received pursuant to the tripartite agreement is assessable to tax under the head "Capital Gains" only - Held that:- The Tribunal concluded that having regard to the tests, it is clear that a solitary or single transaction may be termed as adventure in the nature of trade even though the assessee .....

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in the year 2005 and for the first time the assignment of leasehold interest took place. It was not a sale or transfer of property by the assessee for a profit but since use could not be made, that initially a conversion permission was sought but even thereafter a utilization of the property for the assessee's purpose did not come through. It is in these circumstances that the assignment with the consent of CIDCO has taken place. Therefore, the Tribunal termed that the amount received pursuant .....

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al questions of law. Tribunal's view as above, is not perverse or vitiated by any error of law apparent on the face of the record. - Decided against revenue. - Income Tax Appeal No. 94 of 2014 - Dated:- 23-4-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Appellant : Mr Tejveer Singh For the Respondents : Mr R Murlidhar & Mr B G Yewale ORDER P. C. We have heard Mr. Tejveer Singh, the learned counsel, appearing in support of this Appeal for the revenue and Mr. R. Murlidhar, the learned .....

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t it was adventure in the nature of trade. In other words, the assessee only had a leasehold interest in the immovable property which belong to the public body, namely, City Industrial and Development Corporation of Maharashtra (for short "CIDCO"). The lease was obtained by the assessee for construction of a corporate office on the land. That the office could not be set up but the assessee approached the CIDCO so as to assign leasehold interest for the remainder of the term in favour o .....

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erefore, the questions of law are substantial and the appeal deserves to be admitted. 3. With the assistance of Mr. Tejveer Singh, we have perused the appeal paper book including the impugned order. The Tribunal noted the rival contentions. The stand of the assessee was that the assessee company was allotted a plot of land on lease by CIDCO on 18th December, 1993 under Corporate Shifting Scheme with a specific condition that the plot must be used for construction of office building only. Therefo .....

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t construction should be done within two years otherwise a penalty would be imposed by CIDCO. Therefore, the matter was placed before the Board of Directors in March 2005 and it was decided to transfer the leasehold rights to the buyer for a consideration of ₹ 2,95,55,000/-. Thereafter application was made to the CIDCO for grant of permission to assign these leasehold rights in the plot to the buyer. The CIDCO granted such permission, the tripartite agreement dated 24th March, 2005 was exe .....

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