CIT v. Manoj Murarka - Taxpublishers.in

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The Tax Publishers2023 TaxPub(DT) 5967 (Cal-HC) : (2023) 457 ITR 0600 IN THE CALCUTTA HIGH COURT T.S. SIVAGNANAM & HIRANMAY BHATTACHARYYA J.J. CIT v. Manoj Murarka ITA/181/2011 24 November, 2022 Appellant by: Om Narayan Rai, Adv. Respondent by: Arvind Agarwal, Adv., Farhan Ghaffar, Adv. ORDER This appeal filed by the revenue under Section 260A of the Income Tax Act, is directed against the Order dated 21-5-2004 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata (the Tribunal) in ITA No. 1239/Kol/2003 and ITA No.1180/Kol/2003 for the assessment year 1998-99. The appeal was admitted on 28-11-2011 on the following substantial questions of law:-- (i) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in holding that the sum of Rs. 20,91,38,000/- should not be treated as part of the consideration for sale of membership card but compensation received in the nature of capital receipt not liable to tax ? SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2023 TaxPub(DT) 5967 (Cal-HC) : (2023) 457 ITR 0600

IN THE CALCUTTA HIGH COURT

T.S. SIVAGNANAM & HIRANMAY BHATTACHARYYA J.J.

CIT v. Manoj Murarka

ITA/181/2011

24 November, 2022

Appellant by: Om Narayan Rai, Adv.

Respondent by: Arvind Agarwal, Adv., Farhan Ghaffar, Adv.

ORDER

This appeal filed by the revenue under Section 260A of the Income Tax Act, is directed against the Order dated 21-5-2004 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata (the Tribunal) in ITA No. 1239/Kol/2003 and ITA No.1180/Kol/2003 for the assessment year 1998-99.

The appeal was admitted on 28-11-2011 on the following substantial questions of law:--

(i) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in holding that the sum of Rs. 20,91,38,000/- should not be treated as part of the consideration for sale of membership card but compensation received in the nature of capital receipt not liable to tax ?