HC Judgment on Addition for Sham Transaction in the hand of Partners

1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 07.07.2016 raising following questions for our consideration: “A. On the facts and in the circumstances of the case and in law, the ITAT has erred in law in ignoring the vital facts and real nature of transactions i.e. purchase and sale of land which clearly attracted capital gains and deciding the case on legal fiction created by the assessee without considering the applicability of the ratio of the decision of the Hon’ble Supreme Court in the case of Mcdowell reported in 154 ITR 148? B. On the fa...