ITAT directs AO to consider settlement of dispute subsequent to Asset Purchase Agreement

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) As per asset purchase agreement between the assessee and the purchaser, agreed consideration for transfer of business/asset is Rs 5.76 crores. In fact, the buyer has confirmed having paid entire agreed consideration for transfer of business. The assessee claims that it has received a sum of Rs. 2.64 crores for the impugned assessment year and balance amount was withheld by the purchaser for dispute on certain issues including non-compete agreement clauses in agreement. Although, the assessee claims that it has received only part consideratio...