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TMI Blog2019 (11) TMI 1738X X X X Extracts X X X X X X X X Extracts X X X X ..... t in a project of the requisite size/ nature and an investment into CCDs would be reckoned as equity. The policy with regard to external commercial borrowings had. other conditions and it. is apparent that the petitioner found, the investment in CCDs as the most appropriate route for making its investment in real estate, in accordance with the policy of the Government of India. In these circumstances, it ought not to be readily inferred, that the entire structure of the transaction was designed solely for the purposes of a avoiding tax - Decided against revenue. - ITA.No.2561/Del./2016 - - - Dated:- 1-11-2019 - SHRI BHAVNESH SAINI, J.M. SHRI O.P. KANT, A.M. For Revenue : Shri G.K. Dhall, CIT-D.R. For Assessee : Ms. Ananya K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any grounds of appeal at the time of or before the hearing of the appeal. 2. The Ld. CIT(A) reproduced the submissions of the assessee in the appellate order and passed the following order, allowing the appeal of assessee. 4. Findings/ Determination I have duly examined the facts at hand, gone through the submissions and heard the counsels. 4.1 The appellant submitted vide letter dated 03.02.2016 as follows:- The discussion on the merits of the writ petition took place before the Hon ble High Court during FY 2013-14. On 30 July 2014, the Hon ble High Court pronounced, its order in favour of assessee and held that gains arising from transfer of CCDs are in the nature of capital gains and not interest. Further, it was held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, the petitioner could invest in a project of the requisite size/ nature and an investment into CCDs would be reckoned as equity. The policy with regard to external commercial borrowings had. other conditions and it. is apparent that the petitioner found, the investment in CCDs as the most appropriate route for making its investment in real estate, in accordance with the policy of the Government of India. In these circumstances, it ought not to be readily inferred, that the entire structure of the transaction was designed solely for the purposes of a voiding tax. In view of the aforesaid elucidation by the Hon ble High Court, ground nos. 2 and 3 stand adjudicated in favour of the appellant. The appellant succeeds with regard to thes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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