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Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights
Case Law Details
- Case Name
- ITO Vs Smt. Elsa Silva (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Brief of the Case
ITAT Mumbai held in the case ITO vs. Smt. Elsa Silva that as per the agreement , ‘Athithi Builders’ has acquired the development rights of the said property after paying separately and directly by cheque Rs.2.73 crores to the assessee, Rs.1.23 Crores to Shri D.P.Koli and Rs.0.50 crores to Shri Alex Silva. This clearly evidence that the assessee has received only Rs. 2.73 crores as her share of the consideration of Rs.4,46 cores. Further we find that Revenue has not been able to bring on record any material evidence to controvert the factual finding of the CIT (A) that the...
