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TMI Blog2017 (4) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007 having been executed after 24.09.2001, the agreement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. In view of cancellation of JDA dated 25.02.2007, no further amount has been received and no action thereon has been taken. It was urged that as and when any amount is received capital gains tax shall be discharged thereon in accordance with law. In view of the aforesaid stand, while disposing of the appeals, we observe that the assessee appellants shall remain bound by their said stand. The issue of exigibility to capital gains tax having been decided in favour of the assessee, the question of exemption under Section 54F of the Act would not survive any longer and has been rend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed the accrued capital gain and thereby furnishing inaccurate particulars of income especially in view of the decision of the Hon ble Apex Court in the case of Suraj Lamp Industries Pvt. Limited vs. State of Haryana and another ? (iii) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT was right in deleting the whole amount of penalty of ₹ 39,77,450/- levied by the AO in respect of addition made on account of Long Term Capital Gain by taking wrong interpretation of the order of Hon ble Punjab and Haryana High Court in the case of C.S.Atwal vs. Commissioner of Income Tax dated 22.7.2015 whereas the Hon ble High Court has held that the sale consideration to the extent of amounts receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreement dated 27.4.2007, each of the members of the society including the assessee owning plot of 500 square yards was to receive ₹ 82,50,000/- in cash and a furnished flat of 2250 square feet with market value of ₹ 101,25,000/- calculated at the rate of ₹ 4500 per square feet. Thus, the total consideration or transfer of plot came to ₹ 183,75,000/-. The Assessing Officer computed the income by way of capital gains by adopting this amount as sale consideration. Finally, the assessment was made by taking capital gains income at ₹ 177,21,807/- vide order dated 27.12.2010, Annexure A.1. Penalty proceedings under section 271(1)(c) of the Act were also initiated. Aggrieved by the order, the assessee filed an appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no longer res integra. In C.S.Atwal s case (supra) in ITA No. 200 of 2013 decided on July 22, 2015, the issue involved in these appeals stands decided by this Court. In the said case, the following issues emerged for consideration:- (i) Scope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Act; (ii) The essential ingredients for applicability of Section 53A of 1882 Act; (iii) Meaning to be assigned to the term possession ? (iv) Whether in the facts and circumstances, any taxable capital gains arises from the transaction entered by the assessee? After considering the relevant statutory provisions and the case law, the following conclusions were drawn:- (1) Perusal of the JDA dated 25.02.2007 read wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r said stand. (6) The issue of exigibility to capital gains tax having been decided in favour of the assessee, the question of exemption under Section 54F of the Act would not survive any longer and has been rendered academic. (7) The Tribunal and the authorities below were not right in holding the assessee-appellant to be liable to capital gains tax in respect of remaining land measuring 13.5 acres for which no consideration had been received and which stood cancelled and incapable of performance at present due to various orders passed by the Supreme Court and the High Court in PILs. Therefore, the appeals are allowed. 6. Learned counsel for the appellant has not been able to controvert the applicability of the decision in C.S. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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