(Sanjiv Khanna and J.K. Maheshwari, JJ.)
Manoj B. Joshi ___________________________________ Appellant;
v.
8th Income Tax Officer and Others ________________ Respondent(s).
Civil Appeal No. 3185 of 2011, decided on August 30, 2022
The Order of the court was delivered by
Order
1. The findings of fact recorded by the assessing officer, which have been affirmed right till the High Court, are – (i) the appellant had entered into a Memorandum of Understanding dated 10.04.1985 with one Shirish Dalvi, a developer who was to acquire certain pieces and parcels of the land in Village Barve, Taluka Kalyan and thereupon construct residential buildings/apartments; (ii) the appellant had collected funds from prospective members of the proposed society; (iii) these funds were transferred to Shirish Dalvi; (iv) subsequently, Shirish Dalvi faced legal problems in acquiring the land and in obtaining clear title and necessary permissions; (v) thereupon, another Memorandum of Understanding dated 01.12.1989 was arrived and executed between the appellant and Shirish Dalvi, pursuant to which the amount received from the proposed members was refunded to the appellant, albeit this amount has not been brought to tax as income of the appellant, but another amount of Rs. 29,11,000/- (Rupees Twenty Nine Lakh and Eleven Thousand Only) received statedly as compensation by the assessee has been brought to tax as income from other sources. In view of the factual background, we do not find any justification and reason to hold that this amount received was not taxable being a capital receipt. Whether or not the amount would be taxable as income from business or income from other sources, need not be examined and answered in the present case.
2. The appeal is accordingly, dismissed without any order as to costs.
3. Pending application(s), if any, shall stand disposed of.
SUPREME COURT OF INDIA
RECORD OF PROCEEDINGS
Civil Appeal No(s). 3185/2011
Manoj B. Joshi.….Appellant(s)
v.
The 8th Income Tax Officer and Ors.….Respondent(s)
Date: 30-08-2022 This appeal was called on for hearing today.
(Before Sanjiv Khanna and J.K. Maheshwari, JJ.)
UPON hearing the counsel the Court made the following
ORDER
4. The appeal is dismissed in terms of the signed order.
5. Pending application(s), if any, shall stand disposed of.
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