FUSION LASTEK TECHNOLOGIES PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE 8(1), HYDERABAD

PDF · subscribers
ITA 1094/HYD/2024Status: DisposedITAT Hyderabad22 May 2025AY 2018-2019Bench: us: 1. The impugned order of the learned Authorities below insofar as it is against the appellant is opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the appellant's case.1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the compensation paid to OXEECO was not connected to the transfer of HIPL shares to Harsco Investments Europe BV, as these were independent transactions. Therefore, the compensation expenditure was not allowable as a deduction under Section 48.

What were the facts?

The assessee claimed a deduction of Rs. 74,19,097/- as compensation expenditure incurred in connection with the transfer of shares. The Assessing Officer disallowed this claim, holding that the compensation was not incurred wholly and exclusively for the transfer of shares.

What were the issues?

Whether compensation paid to a third party for not proceeding with a share purchase agreement is an allowable deduction while computing capital gains on a subsequent, unrelated share transfer.

Which sections of the Income-tax Act were involved?

Section 48,Section 143(3),Section 144B,Section 234C

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(5)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, Hyderabad ‘ B ‘ Bench, Hyderabad

आदेशकी �ितिलिप अ�ेिषत/ Copy of the order forwarded to:- 1. िनधा�रती/The Assessee : Fusion Lastek Technologies Private Limited, C-37 and 38, Industrial Estate, Sanath Nagar, Hyderabad, Telangana- 500001. 2. राज�/ The Revenue : Deputy Commissioner of Income Tax, Circle-8(1), Signature Towers, Kothaguda, Botanical Gardens, Serilingampally, Hyderabad, Telangana-500084. The Principal Commissioner of Income Tax, Hyderabad. 3. िवभागीय�ितिनिध, आयकर अपीलीय अिधकरण, हैदराबाद / DR, ITAT, Hyderabad 4. 5. The Commissioner of Income Tax गाड�फ़ाईल / Guard file 6.

आदेशानुसार / BY ORDER

Sr. Private Secretary ITAT, Hyderabad

More judgments on Section 48

All 1,457 judgments and leading authorities on Section 48 →

Recent GST High Court judgments

Search GST case law →