Sale proceeds under tripartite agreement are taxable in hands of original owner

HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai v. P. Srinivasan TAX CASE APPEAL NOS. 635 TO 637 OF 2005 JUNE 11, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. – The Revenue is on appeal as against the order of the Income Tax Appellate Tribunal relating to the assessment years 1993-94 and 1995-96. The following are the substantial questions of law raised in these appeals:- 1.  Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee had transferred the entire land to M/s. Emerald under the agreement dated 23.10...