TMI Blog2016 (5) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... s- Commissioner of Income Tax [1990 (10) TMI 2 - SUPREME Court ] , we are inclined to hold that this was a revenue expenditure. The assessee, though has claimed it on a deferred basis, the claim should be allowed as prayed for. - Decided in favour of assessee. - ITA 9/2008 - - - Dated:- 16-5-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Petitioner : Mr. J.P. Khaitan, Sr. Adv., with Mr. S.Bhowmick, Adv. For the Respondent : Ms. S. Das De, Adv., appears with Mr. F. Ghaffar, Adv. ORDER The Court : The subject matter of challenge in this appeal is a judgment and order dated February 9, 2007, passed by the learned Income Tax Appellate Tribunal, E Bench, Kolkata, in ITA No.1753/Kol/2006, pertaining to the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it transpired that the landlord had agreed to sell the property to one Instalment Supply Ltd. The parties at that stage entered into a settlement. The sum and substance of such settlement was that upon payment of a sum of ₹ 67,50,000/- by the assessee, permission shall be granted to reconstruct the mezzanine floor. In other words, the landlord shall signify his consent to the sanction being granted by the Delhi Municipal Corporation. The sum of ₹ 67,50,000/-, payable by the assessee, would be paid to the said Instalment Supply Ltd. To that effect, a terms of settlement was entered into and filed before the Supreme Court. It is on this basis that the litigation pending before the Supreme Court was disposed of. Clauses (c) and (g) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement. There was never any agreement for sale between the lessor and the lessee. The agreement for sale was between the lessor and the said Instalment Supply Ltd. The sum of ₹ 67,50,000/- was paid by the assessee to the said Instalment supply Ltd. on behalf of the Hindu Undivided Family, the Karta whereof was Sri Brijbansh Bahadur, in consideration of the said Hindu Undivided Family signifying its consent to the application for permission to allow restoration of the demolished portion of the demised premises being restored and necessary sanction being granted by the Delhi Municipal Corporation. Mr. Khaitan drew our attention to the judgment in the case of Bikaner Gypsums Ltd. vs- Commissioner of Income Tax, reported in (1991) 187 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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