9911796707
TMI Blog2016 (12) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... as noted in assessment order are that the assessee is a member of the Punjabi Co-operative House Building Society and owns 1000/- sq. yds. of land in that society. The assessee had sold his piece of land through tripartite Joint Development Agreement with M/s Hash Builders (P) Ltd., Chandigarh and M/s Tata Housing Development Company Ltd., Mumbai on 25.02.2007 for a total consideration of Rs. 1,65,00,000/-. Besides the above consideration, the assessee was also to get two flats of 2250 sq. ft. each and the value of the two flats was to the tune of Rs. 2,02,50,000/-. Therefore, full value of consideration worked out to be Rs. 3,67,50,000/-. The assessment of the assessee was completed on 30.12.2011 and an addition of Rs. 3,59,52,559/- was m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 105 lacs would be chargeable to tax in the year of receipt and not when agreement was signed for development of land and likewise value of flats will be taxable only on getting the allotment letters/start of construction. Based upon the submissions, the ld. CIT(A) deleted the penalty imposed by Assessing Officer. 5. Aggrieved the Revenue is in appeal before us. 6. At the outset, ld. DR, heavily placed his reliance on the order of Assessing Officer, whereas the ld. AR submitted that assessee had declared capital gain in respect of Rs. 24,00,000/- received from Tata Housing Development Company in the return filed on 31.03.2008 and submitted that notice u/s 148 was issued on 26.04.2010 and in response to notice u/s 148 the original retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... main of Section 53A of 1882 Act. 3. The possession delivered, if at all, was as a license for the development of the property and not in the capacity of a transferee. 4. Further Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled. In the absence of registration of JDA dated 25.02.2007 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. 5. It was submitted by learned counsel for the assessee- appellant that whatever amount was received from the developer, capital gains tax has already been paid on that and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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