The Commissioner Of Income Tax v. M/S.nav Nirman Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.984 of 2007 The Commissioner of Income Tax....Appellant Vs. M/s.Nav Nirman Co. ..Respondent Mr. P.S. Sahadevan, for the Appellant Mr. P.K. Jasani, for the respondent. CORAM: F.I.REBELLO&R.S.MOHITE, JJ.DATED: 31ST MARCH, 2009 CORAM: F.I. R.S.MOHITE, JJ. DATED: 31ST MARCH, 2009 P.C.: P.C.: . Revenue is in Appeal against the order of ITAT. The issue pertains to sale of industrial Galas belonging to the assessees herein. From the record we find that the assessees had entered into agreements with one A.P.P.L. in April, 1997. In May, 1997 the same were sold to RCIL. There was a tripartite Agreement between the assessees, A.P.P.L. and R.C.I.L. The record will show that the assessees received consideration of Rs.34.00 lacs and Rs.37.00 lacs respectively in respect of the Galas. The same were sold through tripartite agreement to R.C.I.L. for Rs.51.00 lacs and Rs.55.00 lacs. In other words A.P.P.L. received the balance amount. The A.O. disputed the genuiness of the said sales. The C.I.T. (A) considering the record allowed the appeal filed by the Assessees. I.T.A.T. has confirmed the said finding. In other words there are two concurrent findings of fact. Considering that, the question of law as framed would not arise. Consequently Appeal dismissed.