Dismissing the petitions the Court held that, finding was recorded by the Tribunal that the arrangement was with intention to avoid incidence of tax in hands of owner Assessee. Income was taxed in hands of owner. The Tribunal has taken note of CIT v. Podar Cement P. Ltd (1997) 226 ITR 625 (SC). Accordingly the order of Tribunal is affirmed. (AY. 2008 -09)
Ambience Developers And Infrastructure Pvt. Ltd. v. CIT(2018) 171 DTR 369/ (2019) 410 ITR 289/ 307 CTR 516 (Delhi) (HC) Ambience Hotels and Resorts P. Ltd v. CIT(2018) 171 DTR 369/ (2019) 410 ITR 289 307 CTR 516 (Delhi) (HC)
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Transfer of income without transfer of asset—Finding that arrangement was with intention to avoid incidence of tax in hands of owner Assessee–Income was taxed in hands of owner— No Infirmity In Order of Tribunal. [S. 22, 60]