2017 (7) TMI 1016 - SCH - Income Tax

Deduction towards license fee, external development charges and conversion charges - computation of sale consideration - Held that - No merit in this petition. The special leave petition is, accordingly, dismissed. HC Order confirmed 2017 (2) TMI 495 - DELHI HIGH COURT wherein held in the absence of any obligation under any agreement between the appellant, the UBPL and UDHPL to pay monies of any sort to the original allottee, the appellant could not claim the sum of ₹ 6.75 crores towards deduction from income. The AO had further disallowed and disputed the addition of such costs on the ground that no such expenses had at all been incurred by the assessee and the perusal of the Sale Deed showed that the sale consideration was inclusive of all rights. Hence, the costs of transfer of rights alongwith all developments/constructions thereon were included in the sale consideration - Decided against assessee

Summary

The Supreme Court dismissed the special leave petition as it found no merit in it. Pending applications were also disposed of. (Case citation: 2017 (7) TMI 1016 - SC)