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TMI Blog2023 (6) TMI 818X X X X Extracts X X X X X X X X Extracts X X X X ..... s were transferred by the appellant to OIPL and the enhanced compensation including interest thereon was offered to tax by OIPL after claiming deduction of 50% of interest u/s. 57 of the Act and the same income cannot be taxed in the hands of assessee. Decided against revenue. - ITA No.3503/Del/2018 - - - Dated:- 16-6-2023 - Shri Chandra Mohan Garg, Judicial Member And M.Balaganesh, Accountant Member For the Assessee : Shri Sahil Sharma, Adv., Shri Saurabh Nandy, Adv. For the Revenue : Ms. Maimun Alam, Sr. DR ORDER PER CHANDRA MOHAN GARG, J.M. This appeal has been filed against the order of CIT(A)-3 New Delhi dated 08.03.2018 for AY 2015-16. 2. The ground raised by the revenue as under:- 1. Ld. CIT(A) e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT(A) before granting relief to the assessee examine and verify that the enhanced compensation received by the appellant has been duly offered to tax as income by OILP under the head income of from operations for A.Y. 2014-15 relevant to A.Y. 2015-16 therefore the Ld. CIT(A) was right in granting relief to the assessee. 5. On careful consideration of above submissions, first of all, from relevant part of first appellate order i.e. para 2.1 we note that the Ld. CIT(A) has granted relief to the assessee with following observations and findings:- 2.1 I have carefully considered the submissions of the appellant, the assessment order and the facts of the case. The appellant has submitted that after it purchased land at Badha village ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to assessee by assessing officer, resulting in total addition of Rs. 6,92.25,7491 under the head income from other sources in the hands of appellants Since the entire land rights were transfered by appellant to Orris Inftastructure Prt. Ltd (OIPL) and the compensation thereon was offered to tax by OIPL, assessing officer is directed to delete the addition of Rs. 8,91,62,716/- in the hands of appellant. Hence, these grounds of appeal are allowed. 6. On careful consideration of above noted rival submissions and conclusion and findings recorded by the Ld. CIT(A) (supra), at the very outset we note that the AO has not disputed that there was a collaboration agreement vide dated 25.10.2007 and 26.10.2010 were entered between appellant comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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