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TMI Blog2017 (12) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... and in the circumstances of the case and in law, the ITAT is correct in holding, the date of transfer as the date of handling over of physical possession of the property i.e. 01.03.2008 by the assessee, as against the date of Execution of Development Agreement alongwith irrevocable General Power of Attorney i.e. 13.09.2007? (ii) Whether on the facts and in the circumstances of the case and in law, the ITAT is correct in ignoring the provisions of Section 2(47)(v) of the Income Tax Act, which indicates that the year of chargeability is the year in which the contract is executed even if the transfer of immovable property is not effective or complete under the general law? (iii) Whether on the facts and in the circumstances of the case and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 54 of the said Act amounting to Rs. 20,00,000/was claimed by way of investment in new residential property. The exemption under Section 54EC of the Act to the tune of Rs. 50,00,000/was claimed on account of investment in National Highway Authority of India (NHAI) Bonds. Initially net taxable Capital Gain was claimed at Rs. 2,74,88,690/. A revised return filed on 31st March, 2008 was filed as a result of a supplementary deed entered into on 30th March, 2010. As per the revised return, the Long Term Capital Gain was quantified at Rs. 1,87,28,690/. 3. As indicated earlier, the real dispute before the Appellate Tribunal was in relation to the claim of deduction under section 54EC. The investment of Rs. 50,00,000/was made in the Bonds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Income Tax has been distinguished. He also relied upon a decision of the Tribunal in the case of Jasbir Singh Sarkaria, In Re. (2007) 294 ITR 0196 He pointed out that the said decision relies upon the decision of this Court in Chaturbhuj Dwarkadas Kapadia v/s. Commissioner of Income Tax (2003) 260 ITR 491 (Bom.). He would, therefore, submit that considering the terms and conditions incorporated in the development agreement, the date of transfer for the purposes of Income Tax Act ought to be taken as 13th September, 2017 when the agreement was executed. 5. The learned counsel for the respondent on a query made by the Court pointed out that when the possession was handed over by the respondent-assessee to the developer on 1st Mar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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