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TMI Blog2014 (11) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... - the Revenue has not come up in appeal in AY 2008-2009 - revenue cannot plead that capital gains will be applicable for two different AYs – the order of the Tribunal is upheld – as such no substantial question of law arises for consideration – Decided against revenue. - T C (A) No. 378 of 2014 - - - Dated:- 16-9-2014 - R. Sudhakar And G. M. Akbar Ali,JJ. For the Appellant : Mr. T. R. Senthil Kumar For the Respondent : None ORDER (Judgment of the Court delivered by R. Sudhakar,J.,) The Revenue has filed the present appeal, challenging the order of the Income Tax Appellate Tribunal, which upheld the order of the Commissioner of Income Tax (Appeal), and held that the capital gains on transfer of the property through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee claimed long term capital gains in Assessment Year 2008-2009. 4. The Assessing Officer, by Proceedings dated 01.12.2011, rejected the explanation and held that the transfer under section 2(47)(v) of the Act should be deemed to have been completed only in the impugned assessment year 2006-2007, since the joint development agreement had been registered on 28.12.2005. A Protective Assessment order was also passed in respect of the year 2008-09 including the capital gains. 5. The Assessee preferred appeals before the Commissioner of Income Tax (Appeals) against both orders. Both appeals were disposed of by order dated 16.5.2012 insofar as the assessment year 2006-2007. At the time of hearing the appeal in relation to the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wner gets the built up area in accordance with the agreement. Similar decision has been rendered by the Delhi High Court in the case of CIT vs Atam Prakash Sons in 219 CTR 164 where it has been held that unless the transferor is handed over built up area as per the agreement, the transfer is not complete. In the case of appellant, the possession of the land was handed over pursuant to the joint development agreement, in the assessment year 2008-09. Taking into consideration of the facts discussed above, in my opinion, the appellant is right in offering the capital gains for the assessment year 2008-09 satisfying all the conditions u/s 53A of the Transfer of Property Act. The Assessing Officer is directed to treat the income offered on cap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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