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| The Tax Publishers2020 TaxPub(DT) 2739 (SC) : (2020) 274 TAXMAN 0107 INCOME TAX ACT, 1961
Section 261 Section 260A
Where the department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT-4 v. Gyan Enterprises (P.) Ltd. (2020) 117 Taxmann.com 113 (Del) : 2020 TaxPub(DT) 2742 (Del-HC), whereby the High Court held that as was evident from the plain reading of the condition, the amount was never received by assessee but, rather, remained with the company of which the most significant control went to the purchaser. In these circumstances, the rejection of the valuation and the amount brought to tax by AO was correctly held by lower appellate authorities to be unjustified, therefore, no substantial question of law arose, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Appeal (High Court) - Addition on account of sale of property--Assessee held substantial shareholding in purchasing company
Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT-4 v. Gyan Enterprises (P.) Ltd. (2020) 117 Taxmann.com 113 (Delhi) : 2020 TaxPub(DT) 2742 (Del-HC), whereby the High Court held that as was evident from the plain reading of the condition, the amount was never received by assessee but rather remained with the company of which the most significant control went to the purchaser. In these circumstances, the rejection of the valuation and the amount brought to tax by AO was correctly held by lower appellate authorities to be unjustified, therefore, no substantial question of law arose. Held: The Supreme Court dismissed the SLP.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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