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TMI Blog2020 (1) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... no change in facts and law and the Revenue is unable to produce any material to controvert the aforesaid findings of the Division Bench (supra). We find no reason to interfere in the said order of the Division Bench, therefore, respectfully following the judgment of the Coordinate Bench (supra), the appeal filed by assessee is partly allowed. Penalty u/s 271(1) (c) - HELD THAT:- When quantum is deleted or dispute in respect of quantum has been decided in favour of assessee then penalty u/s 271(1) (c) does not survive. When the assessee furnishes accurate particulars of income and does not conceal particulars of income in that situation also the penalty should not be levied. The ld CIT(A) deleted the penalty u/s 271(1) (c ) of the Act taking into account all the material available before him, as noted above, therefore we do not find any infirmity in the order passed by the ld CIT(A).That being so, we decline to interfere with the order of Id. CIT(A) in deleting the penalty, his order on this issue is therefore upheld and the grounds of appeal of the Revenue are dismissed. - ITA Nos.306/ASR/2014 And 591/ASR/2015 - - - Dated:- 30-12-2019 - Shri N.K. Choudhry, JM And Dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e not only incorrect but misleading in as much as there was neither original assessment for this assessment year nor any invocation of section 263 nor any order of Worthy CIT Amritsar u/s 263. If there was any such order it should have been referred to in the impugned assessment nor was there any legal need or sanction to set the proceedings u/s 147 into motion. Therefore, order passed suffers from incurable legal infirmity as regards facts and this ground of appeal has not been taken cognizance of this ground of appeal and no finding thereon has been recorded despite a remand report having been called from the concerned assessing officer. 3. That the Ld AO has seriously erred on facts and in law in framing assessment in the hands of the estate of Late Shri Jagir Singh whereas the segment of estate of Shri Jagir Singh which is subject matter of the impugned assessment order had already devolved on his three sons after his death on 12-04-2003 and this fact is duly recorded in the records of the Punjabi Coop Housing Society Ltd and the worthy CIT (A) has not recorded any finding there on this ground of appeal and which felt to be recorded by him because we had invoke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same income which is not legally permissible under the law. 12. That the appellant craves leave to add, amend or withdrawn any new ground or existing ground of appeal before or after the commencement of hearing of the appeal. 5. When this appeal was called out for hearing, learned counsel for the assessee invited our attention to the order dated 11.09.2017, passed by the Division Bench of this Tribunal in on identical facts in the case of Shri Prem Singh Lalpura (deceased) through only local L/Hr. Mr. Daljit Singh (son)in ITA No.133/Asr/2015for the Assessment Year 2007-08 whereby the issue relating to capital gain has been discussed in favour of assessee. Learned counsel for the assessee submitted that the present appeal is squarely covered by the aforesaid order of the Tribunal, a copy of which was also placed before the Bench. 6. Learned Departmental Representative did not have much to say but he nevertheless relied upon the orders of the authorities below. 7. We see no reasons to take any other view of the matter than the view so taken by the Division Bench of this Tribunal in the case of Shri Prem Singh Lalpura ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs Vs. CIT. 5. The Ld. DR fairly agreed that the matter was covered in favour of assessee. 6. We have heard the rival parties and have gone through the material placed on record. The brief facts of the case are that the assessee was a member of the Punjab Co- Operative House Building Society Ltd. and as a member of the said Society; the assessee was having 500 sq. yards of plot in the land owned by the society. A Tripartite agreement dated 25.02.2007 was entered into between Punjab Co-Op Housing Development Company House Building Society Ltd. M/s HASH Builders (P) Ltd. Chandigarh and M/s Tata Housing Development Company for transfer of land of the society according to which each member of the society having plot of 500 sq. yards shall receive ₹ 82,50,000/- as monetary consideration and one furnished flat measuring 2250 sq. ft. to be constructed by M/s Tata Housing Company Ltd. Mumbai, and the cost of which @ ₹ 4500/- per sq. ft. was ₹ 1,01,25,000/- and therefore, as per the above said tripartite agreement, the assessee was to receive total consideration of ₹ 1,83,75,000/-. The assessee received a part payment of ₹ 15,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing of the appeals, we observe that the assessee appellants shall remain bound by their said stand. 6. The issue of eligibility 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 o 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. In view of the above findings of Hon'ble Punjab Haryana High Court, we find that the order of Ld. CIT(A) is not sustainable as the Hon'ble. Court has decided that under these circumstances the capital gain has to be restricted to the proportionate amount of sale consideration received during the year and the rest of the capital gain will be taxable in the year in which rest of the consideration is received. Therefore the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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