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TMI Blog2015 (5) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee and the receipt of the consideration would not amount to a transfer and no capital gains tax is leviable and whether it is independent of exemption under section 10(23C)(via)? - Held that:- This appeal is allowed in terms of the judgment dated April 1, 2013, passed in I. T. A. No. 1344 of 2006 (CIT v. Manipal Academy of Higher Education [2013 (10) TMI 161 - KARNATAKA HIGH COURT ] setting a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax, Central Circle-2(3), Bangalore. 2. In this case, the only substantial question of law to be considered is, whether the appellate authorities were correct in holding that the relinquishment of a right in the partnership firm, Bangalore Housing Development and Investment (Morzaria Housing Complex), by the assessee and the receipt of the consideration of ₹ 33,66,99,989 would not amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter afresh in accordance with law, in the light of the order passed by the co-ordinate Bench of this court dated April 1, 2013, passed in I. T. A. No. 1344 of 2006 (CIT v. Manipal Academy of Higher Education) [2013] 357 ITR 114 (Karn) and also relevant provisions of the Act and Rules where exemption given to the respondent is sustainable in law. 5. In reply to the submission made by the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned counsel appearing for the respondent, as stated supra, are placed on record. 7. This appeal is allowed in terms of the judgment dated April 1, 2013, passed in I. T. A. No. 1344 of 2006 (CIT v. Manipal Academy of Higher Education [2013] 357 ITR 114 (Karn)), setting aside the order passed by the assessing authority, the Appellate Commissioner and Income-tax Appellate Tribunal respectively and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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