2017 (11) TMI 1228 - SCH - Income Tax

Capital gain computation - rights emanating from the JDA, legal effect of non registration of JDA, its alleged repudiation etc. - pro-rata transfer of land - Transfer exigible to tax by reference to Section 2(47)(v) read with Section 53-A of the Transfer of Property Act, 1882 - HC has held 2017 (5) TMI 847 - PUNJAB AND HARYANA HIGH COURT that no infirmity in the order of the learned CIT (Appeals) in directing the Assessing Officer to recompute the short term capital gain on the amount actual received by the assessee - Held that - Since similar matter as in case titled Commissioner of Income Tax vs. Balbir Singh Maini 2017 (10) TMI 323 - SUPREME COURT OF INDIA was earlier dismissed by this Court on 04.10.2017, the present special leave petition is also not entertained and is dismissed accordingly. SC in aforementioned case held the assessee did not acquire any right to receive income, inasmuch as such alleged right was dependent upon the necessary permissions being obtained. This being the case, in the circumstances, there was no debt owed to the assessees by the developers and therefore, the assessees have not acquired any right to receive income under the JDA. This being so, no profits or gains arose from the transfer of a capital asset so as to attract Sections 45 and 48 of the Income Tax Act. - Decided in favour of assessee.

Summary

The Supreme Court allowed the petitioner's application for exemption from filing a certified copy of the impugned order. However, the special leave petition was dismissed as a similar matter had been previously dismissed by the Court.