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INCOME TAX APPELLATE TRIBUNAL (CHENNAI BENCH)
ABY T. VARKEY, Judicial Member, PADMAVATHY.S, Accountant Member
Asst. Commissioner of Income Tax – Appellant
Versus
Manikandan – Respondent
| Table of Content |
|---|
| 1. appeal against cit(a) deletion of capital gains addition. (Para 4) |
| 2. coordinate bench facts: profit ratio reduction on new partner admission. (Para 5) |
| 3. karnataka hc: no transfer on profit share reduction. (Para 6) |
आदशे/ORDER
PER PADMAVATHY.S, A.M:
This appeal by the revenue is against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, (in short "CIT(A)") passed u/s. 250 of the Income Tax Act, 1961 (in short "the Act") dated 26.08.2025 for Assessment Year (AY) 2017-18. The assessee raised the following ground of appeal:
“1. The order of the ld CIT(A) is contrary to law and facts and circumstances of the case.
2 The ld CIT(A) erred in deleting the addition made by the AO of an amount of Rs.2,98,29,315/- credited in assessee's capital account by M/s CRCL LLP, in which assessee is a partner, for sacrificing / relinquishing his share of good-will in the firm, consequent to admission of new partner viz., M/s Elior India Catering LLP, deeming such transfer as defined in Sec.2(47) and taxing the same u/s 45(3) as Short Term Capital Gains.
3. In the relied upon decision of the jurisdictional ITAT in the case of Gokulakrishna i
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