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TMI Blog2017 (9) TMI 822X X X X Extracts X X X X X X X X Extracts X X X X ..... re land in part performance of JDA so as to fall within the domain of Section 53A of 1882 Act. The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. 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 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 no further amount has been received and no action thereon has been taken. The issue of exigibility to capital gains tax having been de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of addition made on account of Long Term Capital Gain by relying on the order of Hon ble Punjab and Haryana High Court dated 22.07.2015 in the case of C.S. Atwal Vs. Commissioner of Income Tax whereas the Hon ble High Court has held that the sale consideration to the extent of amount received are exigible to tax in the instant year and the assessee is bound to pay tax on receipt of further amounts? 2. Briefly, the facts as narrated in the appeal, necessary for adjudication of the controversy involved may be noticed. Return declaring income of ₹ 95,100/- was filed by the assessee on 31.03.2008. The assessee being Member of Punjabi Co-operative House Building Society owned one plot of land measuring 500 square yards in that soci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 2007-08 and chargeable to long term capital gain as provided under Section 45 of the Act read with Section 48 of the Act. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], but the same was dismissed. The assessee challenged the order passed by the CIT(A) as well as Assessing Officer before the Tribunal. This appeal was also dismissed. Vide order dated 27.03.2014, the Assessing Officer imposed penalty of ₹ 35,85,888/- upon the assessee under Section 271(1)(c) of the Act. Against the penalty order, the assessee filed appeal before the CIT(A). Vide order dated 18.08.2015, the CIT(A) deleted the penalty. Not satisfied with the order, the Department filed an appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession delivered, if at all, was as a licencee 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 sale deeds have also been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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