LAWS(DLH)-2012-2-547

CIT Vs. BHARTI OVERSEAS TRADING CO

Decided On February 29, 2012
CIT Appellant
V/S
Bharti Overseas Trading Co Respondents

JUDGEMENT

(1.) This is an application for condonation of delay of 192 days in the refiling of the appeal. Ld. counsel for the respondent states that he has no objection in case the delay is condoned. The statement is taken on record and accepted. Delay in refiling of the appeal is condoned.

(2.) On 16.1.2012 following order was passed:

(3.) On 15.2.2012, we recorded the contentions of the parties on the second aspect. Mr. Kamal Sawhney, ld. senior standing counsel during the course of arguments had submitted that the respondent-assessee had paid Rs. 50 lacs when the agreement to sell dated 25th February, 2000 was executed for purchase of the property No. D-819, New Friends Colony, New Delhi from Smt. Deepika Mittal. He had submitted that the balance amount of sale consideration i.e. Rs. 2.65 crores was never paid to Deepika Mittal by the respondent-assessee. He had drawn our attention to the fact that Deepika Mittal is the wife of one of the partners of the firm, Sh. Rakesh B. Mittal.