Appeal is dismissed
Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकर अपीलसं./I.T.A No.1369/Kol/2019 ("नधा"रण वष" / Assessment Year: 2009-10) Acit, Circle-1(1), Kolkata Vs. M/S. Mcnally Bharat Engineering Co. Ltd. 4, Mangoe Lane, 7Th Floor, Kolkata. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcm9443R (Appellant) .. (Respondent)
Property Act, 1882. It then rejected the contention of the revenue that the transaction of 20" February, 1956 was a sale. The Hon'ble Supreme Court held that it was a transfer but by way of exchange. The Hon'ble Supreme Court then held thus - "We pass on to consider the argument of Mr. Narasaraju that in revenue matters