2019 (1) TMI 1074 - HC - Income Tax

Cancellation of the auction and the sale certificate for land - Held that - Land was purchased by the assessee in an auction held by Debt Recovery Tribunal which was subsequently made the subject matter of challenge before the High Court. Pursuant to the orders passed by the High Court, the entire sum deposited by the respondent was refunded along with interest accrued thereon. ₹ 3,19,07,676/- was paid by the bank as interest. We feel that the matter should be examined in depth and detail. Accordingly, we are inclined to issue notice in this appeal, returnable on 26th March, 2019.

Summary

The Delhi High Court heard an appeal filed by the Revenue under Section 260A of the Income-Tax Act, 1961 regarding the taxation of Rs. 3,19,07,676 received by INS Finance & Investment P. Ltd. on cancellation of an auction and sale certificate for land purchased from the Debt Recovery Tribunal. The High Court decided to examine the matter further and issued a notice for the appeal to be heard on 26th March, 2019.