9911796707
TMI Blog2016 (12) TMI 1614X X X X Extracts X X X X X X X X Extracts X X X X ..... brief facts of the case as noted in assessment order are that the assessee is a member of the Punjabi Co-operative House Building Society and owns 500/- 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 for a total consideration of Rs. 82,50,000/-. Besides the above consideration, the assessee was also to get one flat of 2250 sq. ft. and the value of the flats was to the tune of Rs. 1,01,25,000/-. Therefore, full value of consideration worked out to be Rs. 1,83,75,000/-. The assessment of the assessee was completed on 27.12.2010 and an addition of Rs. 1,59,82,147/- was made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and likewise value of flat 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. 15,00,000/- received from Tata Housing Development Company. He further submitted that the part sale consideration as received by assessee was invested in residential House and assessee had claimed deduction u/s 54F of the Act and therefore, no capital gain tax was payable by the assessee and therefore, question of concealme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... feror to the transferee of the entire land in part performance of JDA dated 25.02.2007 so as to fall within the domain 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- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains on which he had to pay tax has to be computed only on the basis of the amount which he had actually received, cannot be considered to be totally unreasonable. It is undisputed fact that in the present case the assessee had invested Rs. 17,65,000/- towards investment in residential house and had claimed deduction to that extent and Assessing Officer has also allowed deduction. Therefore, keeping in view of the decision of Hon'ble Punjab & Haryana High Court the assessee was required to pay capital gain tax only on the amount received which in the present case is Rs. 15,00,000/- and for which assessee has been allowed deduction u/s 54F. Therefore, no capital gains tax was payable during the year and if there was no capital gain tax paya ..... X X X X Extracts X X X X X X X X Extracts X X X X
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