PRINCIPAL COMMISSIONER OF INCOME TAX -3, KOLKATA vs. M/S. ITC LIMITED
Appeal is allowed to the extent indicated
ITA/125/2018HC Calcutta27 Jun 2024
Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ
long term capital gain.
Page 3 of 77
3.
Under an agreement dated 03.05.1986, the owner namely, M/s.
ELEL Hotels & Investment Ltd. (hereinafter referred to as ‘ELEL’)
granted licence to the respondent herein i.e., ITC to operate the
hotel ‘Sea Rock’ from the first day of July, 1986 for a period of
25 years with an option to renew