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TMI Blog2017 (6) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee by M/s. Global Properties. It is also undisputed that both assessee as well as M/s. Global Properties are the taxpayers paying taxes at maximum marginal rate of taxes. The letter is undated, which is undisputed. There is no evidence brought on records by the AO to suggest that the said page is not genuine. In our view, the said payment of ₹ 60 lakhs to M/s. Global Properties constitutes a business transaction which was executed by the assessee in his wisdom as a businessman. Therefore, the decision given by the CIT(A), in our view is required to be reversed and in favour of the assessee. Considering the same, in our view, the adjudication of the other issue of invoking the provisions of section 194J/40(a)(ia) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 60 lakhs on account of release of rights. 4. Relevant facts for this addition include that the assessee is related to M/s. Global Properties. Assessee purchased a land located at Village Mann, Taluka Mulshi, Dist. Pune vide purchase deed dated 22-01-2010. The area involved is 9611 sq.mtrs out of the total land of 19622 sq.mtrs. Balance was purchased by M/s. safetec Healthcare Hygiene Pvt. Ltd. As a part of this, assessee paid sum of ₹ 60 lakhs to M/s. Global Properties towards nomination fee for release of rights. Similarly, Safetec Healthcare Hygiene Pvt. Ltd. also paid sum of ₹ 1 crore for similar services. It is mentioned that M/s. Global Properties is involved in negotiations and finalizing of terms and cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same assessee is in appeal before us. 7. Shri Pramod Shingte, Ld. Counsel for the assessee narrated the above facts of the transaction and also reiterated the arguments made before the above authorities. Bringing our attention to page 2 of the paper book the Ld. Counsel explained the facts related to the transaction. Further, bringing our attention to page 72 of the paper book, Ld. Counsel argued that the same constitutes confirmation letter from the Tata Autocomp Systems Ltd., the seller of the land. It acknowledged the fact that M/s. Global Properties were involved in the negotiations. Of course, we find the said letter is undated. Further, bringing our attention to page 60 of the paper book, Ld. Counsel read out clause (f) to demonstr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds by the AO to suggest that the said page is not genuine. In our view, the said payment of ₹ 60 lakhs to M/s. Global Properties constitutes a business transaction which was executed by the assessee in his wisdom as a businessman. Therefore, the decision given by the CIT(A), in our view is required to be reversed and in favour of the assessee. Considering the same, in our view, the adjudication of the other issue of invoking the provisions of section 194J/40(a)(ia) of the Act becomes an academic exercise. As such, there is no specific ground raised in this regard as seen from the grounds of appeal. Thus, the solitary ground raised by the assessee is allowed and in favour of the assessee. 10. In the result, the appeal of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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