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TMI Blog2013 (4) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... dings of fact and, therefore, cannot be disturbed unless and until some perversity is pointed. - Decided against the revenue. - ITA 607/2012 - - - Dated:- 1-4-2013 - Badar Durrez Ahmed And R. V. Easwar,JJ. For the Appellant : Mr Abhishek Maratha, Sr. Standing Counsel with Ms Anshul Sharma, Advocate. For the Respondent : Mr C. S. Aggarwal, Sr. Adv. with Mr Vishal Kalra and Mr Prakash Kumar, Advocates. JUDGMENT 1. This appeal by the revenue is directed against the order dated 21.04.2011 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No.3139/Del/2007 pertaining to the assessment year 2004-05. The assessing officer had made an addition of Rs.22.58 crores under section 69 of the Income Tax Act, 1961 on acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner of Income Tax (Appeals) as also the Income Tax Appellate Tribunal have examined this issue at great length and have concluded on facts that a sum of Rs.5.53 crores was in respect of leased assets taken over from Dhillon Kool. Finally, a transaction cost of Rs.1.25 crores which had been incurred and had duly been mentioned in books, of accounts, formed part of the slump purchase. In this way, the total figure of Rs.6.78 crores (Rs.5.53 crores plus Rs.1.25 crores) was arrived at. 5. As against this, the plant and machinery was valued at Rs.13.82 crores on fair value basis. The balance amount of Rs.50.56 crores (Rs.64.38 crores minus Rs.13.82 crores) was treated as goodwill. 6. The learned counsel for the revenue/ appellant conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closing to and in favour of the Buyer on the same terms and conditions as enjoyed by the Seller in respect of such Leased Assets and shall be responsible to get all requisite paper work/ documentation executed by the concerned Lessor/s so as to perfect the title of the Buyer as lessee of such Leased Assets at closing. 8. From the above extract it is apparent that the assessee acquired all the rights, interests and benefits which the seller Dhillon Kool had in the leased assets. It was also indicated by Mr Aggarwal that definition of asset in clause 1.1 of the Business Transfer Agreement specifically included the assets set-out in Schedule I whether owned by the seller or leased. He also drew our attention to paragraph 7 of the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over additional liability of Rs.6.78 crores representing the liabilities of leased assets of Rs.5.53 crores and transaction cost of Rs.1.25 crore. All these corresponding entries have been passed by the assessee in its books of account at the opening date of the accounting year. The details of opening book entries as recorded in the books of account of the assessee have been perused by us, and on perusal thereof, we find that the assessee had shown the assets at Rs.64.38 crores and a corresponding amount towards liabilities has also been shown. 13. In schedule-II of the agreement, it has been clearly stated that the assessee had taken over the liability of Rs.15.80 crores, over and above, the net lump sum price of Rs.41.80 crores. The lum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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