K. KRISHNAMURTHY Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Leave granted.

(2.) The present appeal has been filed challenging the impugned judgment and order dtd. 2/8/2022 passed by the High Court of Karnataka at Bengaluru in I.T.A. No. 125 of 2017 whereby the High Court dismissed the appeal preferred by the Appellant under Sec. 260A of the Income Tax Act, 1961 (for short 'Act 1961').

(3.) The facts giving rise to the present appeal are that a Memorandum of Understanding ('MOU') dtd. 19/1/2009 was entered into between Mr. Hashim Moosa on the one hand and the Appellant as well as Mr. Surendra Reddy on the other, for procuring lands at a certain price from the land procurers, i.e. the Appellant and Mr. Surendra Reddy. As per Clause 10 of this MOU, Rs.10,00,000.00 (Rupees Ten lakhs only) was paid to the procurers for arranging facilitation of transfer of land from the landowners to Mr. Hashim Moosa/his nominees. No other payment, except a reimbursement under Clause 11, was contemplated under this MOU.